Gwangju Metropolitan City has implemented a creative regeneration project of Gwangju Folly in the site of Gwangju-eup Fortress as part of the Gwangju Design Biennale by inviting well-known international architects. This study examined and analyzed the characteristics of location, place, and space through actual survey. The results were as follows. Gwangju Folly were mainly located at the four gates and corners of Gwangju-eup Fortress, main entrances of Asia Culture Complex, and historical places where the May 18 Democratization Movement occurred. The common place of Gwangju Folly was a footpath and common location types were the full location of footpath width and the partial location of footpath width. For the spatial types of Gwangju Folly, the practical type which people can stay was the most common(2/3). In the partial location of footpath width, the type which people take a rest and look out over the surroundings accounted for a half. In the full location of footpath width, the gate type which people pass accounted for 2/5. However, as footpath width was minimum for walking, both partial and full occupation types were narrow in place. It influenced the image of Gwangju Folly. Gwangju Folly did not play as a figure and show architects' intentions clearly because of their narrow locations. Therefore, it is very necessary to make a plan to maintain places so that Gwangju Folly do not have a cramped image and architects' intentions become clear with citizens' cultural competence. Also, urban property which creates the identity and attraction of Gwangju continuously should be settled down through helping citizens recognize the intention and value of artistic works.