This paper discusses the revitalization phenomenon and historic background of the waterfront development. It explains that the success or failure of a waterfront development should be evaluated through a set of multi-aspect indexes. According to different types of waterfronts, their spatial needs are also specific. In the paper, based on concepts of Alvin Toffler's Third Wave, the framework of three-stage-six-categories of waterfront development is devised to discuss its evolution and functions, during which using the principle of sustainable development. Finally the strategies of waterfront development are discussed in the aspects of both meanings and contents. Keelung port city is then taken as an example of to illustrate the waterfront land use development while examining the problems of its current strategies.