Research on the risks of climate change to urban regeneration projects has been insufficient to date. Therefore, this study aims to compare and analyze the degree of risk of climate change impact on areas with and without urban regeneration projects (for Eup, Myeon, and Dong regional units) in Busan, South Korea. In this study, (1) climate change risk indicators were extracted based on the concept of risk (hazard, vulnerability, and exposure), (2) a spatial analysis was performed using a graphic information system (GIS), and (3) the primary influencing factors were derived through a logistic regression analysis. The principal results show that urban regeneration areas have a higher risk of climate change impact than other areas. The results indicate that urban regeneration areas have a higher population density per area and more impermeable or flooded areas can increase the risk of climate change impacts. We also discuss strategies to develop resilient cities and climate change adaptation policies for future urban regeneration projects.