The evaluation of ecological benefits of urban renewal based on sustainable development is receiving increasing attention. Based on the practice of urban renewal in China, this paper construct a Structural Equation Model (SEM) of citizen satisfaction, takes Xi'an happiness forest belt urban renewal project as an example to evaluate urban renewal ecological benefits. By using six indicators, namely, air quality, heat island effect, vegetation greenery, resource conservation, urban transportation and urban space to measure the ecological benefits of urban renewal, it evaluates citizens' satisfaction with the ecological benefits of Xi'an happiness forest belt urban renewal project. The study found out that most of the citizens’ expectation can be met as the achievement rates of ecological expectation and overall expectation of citizens for Xi'an happiness forest belt urban renewal project were 94.3% and 97.4% respectively. Citizen expectation has a positive impact on citizen perception of ecological benefits, and the path coefficient is 0.381; citizen perception of ecological benefits has a significant positive impact on citizen satisfaction, and the path coefficient is 0.903; and citizen satisfaction has a significant positive impact on citizen trust, and the path coefficient is 0.955. Based on the research conclusions, the future urban renewal should continue to improve the quality of ecological services to improve residents' ecological environment experience, promote the establishment of a coordinated development mechanism of ecological, economic, social and cultural benefits of urban renewal, and establish a coordinated construction and governance mechanism of multiple subjects of government, residents and developers of urban renewal.