In order to grasp the thermal environment characteristics of the waterfront space in the ancient town, the South Canal coastal block of Yangliuqing Ancient Town was taken as the research object. Through on-site measurement of environmental parameters, the impact and laws of factors such as solar radiation, underlying surface type, spatial enclosure form, water body layout, and vegetation combination on the thermal environment were analyzed. The results show that the waterfront space of Yangliu-qing Ancient Town exhibits a high temperature and low humidity thermal environment in summer. In summer, there is a significant difference in the environmental temperature with and without shading conditions, and the significant increase in the average radiation temperature at noon is the main reason for the decrease in the comfort of waterfront spaces. The combination of greenery and architectural shadows has the best cooling effect among landscape elements. Based on the above conclusions, the measures are proposed to improve the thermal environment of the waterfront space in Yangliuqing Ancient Town.