Spatial narrative theory is widely used in industrial heritage renewal, but there are fewer researches on the development of spatial narrative strategies using quantitative evaluation methods. For this reason, taking Tianjin No.1 Machine Tool Works as an example, based on the two analytical methods of AHP-entropy method and GIS suitability evaluation, the suitability evaluation system of spatial narrative is studied, and on this basis, the narrative strategies are developed. The narrative elements of the Machine Tool Works are divided into 4 guideline-level indicators and 12 factor-level indicators, and all these indicators are classified into 5 grades. The weights for indicators are calculated by AHP-entropy method, and the spatial narrative suitability of the factor-level indicators is quantitatively analyzed using GIS. Based on the suitability analysis results of the factor-level indicators and the weights calculated by the AHP-entropy method, the distribution characteristics of spatial narrative suitability of the Machine Tool Works are obtained through GIS multi-criteria overlay analysis. The results show that there are 8 zones most suitable for narrative development in the Machine Tool Works in total, which are mainly concentrated on the south side of the Machine Tool Works, accounting for 13.9% of the total area. Based on the analysis results, a renewed method for the Machine Tool Works is proposed in terms of narrative themes and sequences, including five themes: beginning, construction, innovation, prosperity, and transformation. According to the themes and the locations of suitable narrative zones, 1 narrative core, 2 narrative clusters, and 13 narrative points are set up, and an elevated industrial corridor is utilized to connect all the most suitable narrative zones.