The aim of Shanghai’s urban waterfront space renovation is to create a world-class public waterfront open space, realizing the green transformation and development of urban industrial civilization. To develop the ecological service function of waterfront space, it is very important to proper tree species selection and scientific allocation and takes the unique site condition into account. This article takes the public green space along the Huangpu River in Xuhui as an example. Through a survey of the composition of green space tree species, a total of 23 species of trees, 38 species of shrubs (hedgerows), and 36 species of grass belong to 45 families and 80 genera. The optimization suggestions are proposed by analyzing the growth adaptability of tree species, allocation character, and translating the landscape application forms. That is an application of resistant tree species and strengthening soil improvement and monitoring of pests and diseases, adding specialized gardens to enrich the theme of plant application, enhancing the seasonal colors, and increasing landscape levels. This study provided a basis for the ecological environment transformation and improvement of Shanghai’s urban waterfront space.