Abstract: The reuse of abandoned mines has become the main path for resource-based cities to realize functional transformation. The redevelopment of mining land belongs to the renewal of urban stock industrial land, which is a spatial transformation process accompanied by property right transfer. The research on the evolution of the relationship between relevant property rights policies and abandoned mine redevelopment model is helpful to understand the impact of the policy and put forward suggestions for future policies. This paper combs the national and local property rights policies since 1990, takes the redevelopment practice in different times of this period as an example, discusses the differences of redevelopment and utilization modes under the background of different property rights policies, and explains the effectiveness of the policy from the perspective of financial balance. The research shows that China’s property right policy-making has developed from “regulatory” to “guiding” to continuously create an institutional guarantee to achieve financial balance for the redevelopment of abandoned mining land. However, the current policy focuses on reducing the transaction cost of property right transfer and insufficient guarantee for the later operation income. In the future, local policies should strengthen the institutional guarantee for the financial gap of non-profit projects, so as to further enhance the public value of redevelopment projects. Combined with the adjustment of property rights policy, the redevelopment model of abandoned mines will also move towards a comprehensive model with multiple subjects and values.