This study aims to present a regeneration process for historical spaces based on the notion of collective memory. We argue for the necessity of simultaneously studying conservation and rehabilitation policies for restoring and continuing the collective memory of historical spaces. This approach can effectively preserve and shape the collective memory of historical spaces by focusing on preservation and valuing the landscape as a major key between place and humans. The historical ChaharBagh Avenue from the Safavid era in Isfahan serves as a case study. Over time, the social and cultural significance and value of ChaharBagh Avenue as a historical public space and collective memory is diminishing due to inconsistent renewal policies. The study employs a qualitative approach, including field studies and interviews with 32 citizens of Isfahan, to suggest a model for sustainable regeneration and conservation of historical urban sites based on collective memory.