Currently, many large Chinese cities have entered the postindustrial era, leaving a large amount of vacant, inefficiently utilized industrial land and buildings in the inner cities. Industrial land redevelopment (ILR) can benefit cities in multiple ways, such as by increasing urban public space, improving the quality of life of citizens, and improving the environment, and is considered an effective approach to enhance people’s wellbeing. However, large-scale ILR projects often raise a series of social issues in practice, such as injustice and inequality. To address complex urban issues, ILR requires multifaceted, coordinated, and comprehensive strategies involving multitudinous stakeholders. A profound understanding of diverse stakeholders in the decision-making of ILR is a vital step in enhancing the sustainability of ILR. The aim of this paper is to use Shanghai as a case study to understand the diverse stakeholders and their participation during the decision-making of ILR in China. Interviews and questionnaires were used to collect data. Stakeholder analysis (SA) and social network analysis (SNA) were used as complementary research methodologies in this paper. First, stakeholders who participated in the decision-making of ILR were identified. Then, the characteristics of various stakeholders, including power, interests, and knowledge, were analyzed. Following this, the interactive relationships among stakeholders were explored, and their network structure was examined. Finally, policy recommendations were presented regarding stakeholder participation problems in the decision-making of ILR in China.