Traditional markets in Busan are recognized as a new key base of the urban regeneration project based on neighboring areas. In this sense, a new recognition of a traditional market isneeded as a venue for communication and condensation between residents as well as medium connecting neighboring areas with commercial ones. The purpose of this study is to overcome limits to traditional market revitalization polices centered around hardware type support programs and suggest a ‘traditional market-based neighborhood regenerating revitalization model” based on close links and coexistence between markets and neighboring areas. Four areas of study were selected among traditional markets in the vicinity of their residential neighborhoods: Suyeong Paldo Market, Goejeong Golmok Market, Choryang Market, and Dongnae Market. The approach to the spatial concept of a traditional market is to perceive its space as a nodal place of close association among a commercial market, an alley market, a shopping street, and a residential neighborhood, whose scale of each is larger than its previous one. This paper presents five signposts as a market-based urban regeneration policy including the ‘introduction of market marketing 3.0’, with five suggestions as system improvement such as the ‘institutionalization of market-based urban regeneration project types’ accordingly. Based on these, it is expected to make a ‘new traditional market model’ centered on content and communication among residents by associating traditional markets with neighboring areas.