The relationship of power, capital and space is an important issue of the Marxist geography. In recent years, tourism destinations have been gradually connected to the globalization process through abundant spatial practices, providing vivid cases for the research in this field. Taking Wuzhen as a study case, this paper has put forward an analytical framework by putting together David Harvey's circuits of capital theory and Neil Smith's rescaling theory based on the literature review, which regards rescaling as a complex process formed by power and capital acting on a multi-scale space. Using the qualitative research method, this paper analyzes the rescaling of Wuzhen during its transformation from "pre-tourism stage" to "tourism stage" and finally to "post-tourism stage". The results of this study show that the rescaling of Wuzhen is a microscopic mapping of social and economic changes since China's reform and opening-up. The rescaling of Wuzhen is the result of a two-way comprehensive action of "top-down" and "bottom-up" at different scale levels, such as global, national, regional and local levels, and it has dual attributes as method and result under the interaction of power, capital and space. The logic of interaction between power, capital and space is the core mechanism of the rescaling of Wuzhen. The spatial practice of Wuzhen expands the research scope of power, capital and space relevance at a micro level. As a space unit between urban and rural areas, the glocalization space practice of Wuzhen has come out of a "compatible binary relation" realistic path, which is a reference to the improvement of the current imbalance of urban and rural development in China.