Serving as a crucial part of the Yangtze River Basin (YRB)’s flood control system, Flood Detention Areas (FDAs) are vital in mitigating large-scale floods. Urbanization has led to the development of urban FDAs, but significant losses could ensue if these FDAs are activated. With improved reservoirs and embankments, flood pressure in the middle reaches has lessened, posing challenges in balancing flood control and economic benefits. This paper presents a comparative analysis of land use, GDP, and population in FDAs and adjacent cities, enhancing our understanding of their disparities and interrelations. Using the Analytic Hierarchy Process (AHP)–Entropy Weight Method (EW)–Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) comprehensive evaluation method, we assess changes in flood control and economic values in FDAs. The results show a conflict between flood control and economic policies in FDAs, highlighting their underestimated economic potential, especially in urban areas. This study identifies differences in economic development across FDAs and a strong correlation between flood control value and inundation rates. Based on evaluations and simulations of the 1954 flood, we provide recommendations for the FDAs’ construction plan, which serves the development and flood management of the YRB and offer insights for similar assessments elsewhere.