Comprehensive Improvement of Old Communities is of great significance to stimulate domestic demand and enhance the governance efficiency of urban street-level. The paper takes the practice of comprehensive improvement of old residential areas in J Community of Beijing as an example, and analyzes the tension domain of multiple participants in the Comprehensive Improvement of Old Communities from three levels of mission management, political management and operation management through tension analysis tool. Based on the relationship between co-production theory, public value and strategic triangle model, as well as urban street-level governance under guidance of CCP, the paper puts forward the co-production model of "one core and multiple elements" for Comprehensive Improvement of Old Communities. The study found that the practice of comprehensive improvement of the old communities of J community under the guidance of CCP is essentially a process of the formation, stability and development of co-production network, as well as a process of balancing the imbalance of community public service supply structure, innovating community governance model, and finally moving towards community governance community. Social capital can provide financial and service support for the comprehensive improvement of old communities. The government should adopt diversified policy tools to promote the development of social capital.