The present study began with the recognition that the regeneration local small and medium-sized cities with severe population decrease may be carried out continuously only when it is perceived that problems of local communities are difficult to solve by the local internal entities and when the locality-oriented people make close relationships with local communities, stand in solidarity with the local internal entities, create new local values, and settle in the local areas. In particular, the present study began with the fact that the sedentary population of small and medium-sized cities, which lack high-quality jobs, may be increased by creating an economic circulation structure and improving the living environment by taking full advantage of the local resources. This was defined in this study as the concept of the localism-based regeneration of small and medium-sized cities. The purpose of the present study is to propose in the form of an inventory the policy directions and tasks to which the future regeneration of small and medium-sized cities should be directed.