As a significant manifestation of flexible employment, urban street vending poses complex challenges for spatial governance, requiring a delicate balance between livelihood needs and urban management objectives. In the context of the national strategic emphasis on standardizing and developing flexible employment, there is a growing need to explore the regulatory mechanisms of vending spaces in highly populated and institutionally complex urban villages. Based on Actor-Network Theory (ANT), this study adopts qualitative research methods to examine the vendor space on Xiajiao South Road in Guangzhou as a representative case of an urban village vending zone. Through in-depth interviews and non-participant observation, the research deciphers the game relationships and interactions among multiple stakeholders in the process of vending space formation, thereby revealing the underlying mechanisms of such spaces in an urban village context. The findings indicate that: 1) Both human and non-human actors play crucial roles in shaping the vending landscape. 2) The successful formation and sustained development of the vending space on Xiajiao South Road are largely attributable to its embeddedness within local community interests. 3) Key factors contributing to the healthy and orderly development of the vending space include appropriate decentralization of governance power, active public participation, and multi-stakeholder collaborative governance.