This paper establishes an evaluation index system for resources-exhausted cities in China, which is used to score their transformation performances, applies hierarchical linear regression to study the internal drives and external factors. Operating environment is one key factor. Marketization level and capital investment impose a notable influence, but the third industry plays a negative role in urban transformation in the short term, positive in the long term. Influencing factors vary with regions and resources types. Resources-exhausted cities should plan their future developing paths according to their localities and predominance to avoid convergence.