This paper takes the changing practice of Beijing Nanluoguxiang Historic Conservation Area in the past fifteen years as the research object, analyzes the stages difference of the change of its sense of place according to the characteristics of the social perception network data in 2008–2022, and constructs the conceptual model of the change of Nanluoguxiang’s sense of place. This paper first establishes an exclusive thesaurus for the evaluation of historic conservation area, and based on the grounded theory method, three main dimensions of the sense of place are obtained from the text coded in the exclusive thesaurus: place cognition, place dependence and place identity. Based on the data analysis of the change curves of the proportion of the main categories of high-frequency words in the past years, the characteristics of the emergent words, the social semantic network, and the proportion of the commercial business in Nanluoguxiang, combined with the theory of the adaptive cycle of social ecosystems, the four phases with obvious differences are extracted: the stabilization period in 2008–2009; the growth period in 2010–2014; the reconstruction period in 2015–2018; and the adjustment period in 2019–2022. The paper concludes with an analysis of the sense of place change in historic conservation area from the perspective of capital, pointing out that economic capital needs to synthesize social capital and cultural capital in order to better adapt to development and maintain dynamic balance in the cycle.