The reuse of industrial heritage sites has become increasingly prevalent in the context of hosting mega-events. This paper aims to investigate this trend, specifically in the context of Olympic Games or World Expos, and its impact on urban regeneration strategies. It introduces a methodological tool, namely, the relationship matrix, to identify key factors from ‘best practices’ criteria for managing industrial sites and planning mega-event legacies. We use this matrix to address two research objectives, namely, to determine the role of industrial heritage reuse in mega-event urban projects and to evaluate whether this creates a favourable environment for place-making. This matrix enables us to compare and analyse the Shanghai 2010 World Expo and the London 2012 Summer Olympic Games as illustrative case studies. While guidelines and strategies for mega-events and industrial heritage have evolved towards a proactive people-centred approach, our findings still reveal a bias towards material renewal in dominant discourses during the planning phase. This bias often overlooks or even excludes the memories and experiences of local communities.