The rapid urbanization process has led to deteriorating air quality and elevated carbon dioxide levels, highlighting an urgent need for effective urban greening strategies. This study aims to quantify and compare the air pollution removal (APR), carbon sequestration (CS), and oxygen production (OP) capacities of different green space renovation plans in residential areas of a typical arid to semi-arid city in Northwest China. Using the i-Tree Eco model, we simulated the ecological benefits of various vegetation configurations. Our results demonstrated that tree species selection is a critical determinant of ecological performance. Ligustrum (Privet), Magnolia, and Populus (Poplar) were identified as the predominant species, exhibiting distinct effectivities in providing these services. Specifically, we found that species with high APR and CS efficiencies should be prioritized for green space renewal in this water-limited region. Correlation analysis revealed that both APR and CS capacities were most strongly correlated with vegetation greenness, followed by species identity. In contrast, the planning layout of vegetation showed no significant correlation with greenness. For OP, tree species was the most influential factor, ahead of vegetation quantity. This study provides a scientific basis for optimizing plant species selection and spatial arrangement in urban greening projects, offering practical guidance for enhancing ecological benefits in arid and semi-arid cities undergoing renewal.