Urban regeneration, as one of the contemporary approaches to urban development, seeks to simultaneously enhance the physical, spatial, social, cultural, environmental, managerial, and economic dimensions of cities. Given the complexity of urban issues and the existence of uncertainties affecting the future of cities, the application of futures studies approaches can play a significant role in formulating effective urban regeneration strategies. The present study aims to design a preferred scenario for urban regeneration in Karaj based on the analysis of key drivers and strategic uncertainties. In terms of purpose, the research is applied, while methodologically it adopts an analytical–comparative approach. In the first stage, the dimensions and indicators influencing urban regeneration were identified through a review of scientific literature and two rounds of the Delphi technique involving 14 experts. The final framework consisted of 7 components, 27 criteria, and 69 indicators. The validity of the research instrument was confirmed by 12 experts, and its reliability was verified using Cronbach’s alpha coefficient (0.816). Subsequently, the data obtained from the cross-impact matrix were analyzed using MICMAC software to identify the key factors shaping the future of urban regeneration in Karaj. Thereafter, four future scenarios were developed through the application of the GBN model and the Schwartz Scenario Matrix. The findings revealed that managerial and economic factors constitute the two most critical strategic uncertainties affecting the future of urban regeneration in Karaj. Accordingly, four scenarios—preferred, probable, relatively undesirable, and pessimistic—were constructed. The results indicate that achieving sustainable urban regeneration requires synergy among participatory local governance, managerial decentralization, investment attraction, and the expansion of economic opportunities. Therefore, the scenario entitled “Integrated and Prosperous City” was identified as the preferred scenario and the most appropriate pathway toward achieving sustainable and inclusive urban regeneration in Karaj.