Sustainable watershed management (SWM) can be achieved through recognition and reflection upon the values of citizens. Collaborative governance consisting of citizens is crucial for successful SWM. Collaborative governance definitely requires an active participatory decision-making process that reflects citizens' preferences. Citizen preference also tends to substantially change with life pattern and life quality. These shifts can be caused by slight variations in both social priorities and personal preferences for SWM. Therefore, collaborative water governance must be frequently renewed in response to citizens' values through the participatory framework. The An'yang Stream in South Korea is generally regarded as a representative urban stream restoration case that has been successfully led by collaborative governance. By conducting individual surveys with citizens on-site, this study addresses how citizens' preferences of the stream's management have changed between 2005 and 2015. In addition, this study used three quantitative hydrologic vulnerability indices: potential flood damage (PFD), potential streamflow depletion (PSD), and potential water quality deterioration (PWQD). They can spatially quantify citizen preference using the Analytic Hierarchy Process (AHP), which can systematically derive citizens' subjective relative-weighted preferences. In the end, this study identified critical differences in priorities in regard to vulnerable areas between in 2005 and in 2015.