Understanding the significant role of governance in slum upgrading projects through of touristification is a crucial requirement to ensure economic development, social capital growth, improvement of the life quality, and in general, the transition of such areas toward sustainability. A literature review of policies and evaluation tools related to slum upgrading employing governance actions, an assessment framework for effective governance in sustainable slum regeneration implementing tourism. The framework, structured in three main areas: social, economic, and environmental, presents 18 core objectives distributed according to the phases of planning and implementation and post-implementation. An example of the assessment was performed using a case studies analysis, selecting two exemplary models of this practice, located in South Korea (Gamcheon cultural village) and Colombia (Comuna 13). The assessment found that successful governance can promote new networks between the community and different stakeholders, and it can reconfigure the stigma of these areas. In contrast, there was an evident deficiency in implementing tools for tourist management during the post-implementation phase and a general limitation regarding governance actions and the projects' long-term sustainability. These implications can be a direction for future studies concerning governance or the long-lasting performance of slum touristification.