One of Sydney's most famous streets, Macquarie Street is home to the NSW parliament, Martin Place, the State Library of NSW, the Mint, Hyde Park Barracks and more.

It also borders the Sydney Royal Botanic Garden.

NSW Treasurer Dominic Perrottet says the street is packed with history, but is well due for a revamp.

He ordered a review of the use of the precinct, conducted by former prime minister Paul Keating and former Sydney lord mayor Lucy Turnbull, which concluded it could become a vibrant destination, in a report released on Thursday.

"Macquarie Street is home to many heritage buildings and historical spaces that should be appreciated and shared with as many people as possible but right now barely anyone visits outside business hours," Mr Perrottet said.

"This is an opportunity to be innovative and rethink how these spaces could showcase our city's cultural and social history and attract visitors by day and by night.

The review found public recognition of the precinct's historical significance is lacking, as is public use of the spaces and buildings.

It recommends improving accessibility and linkages to the rest of the CBD, and creating a unified vision or brand for the area.

"The report provides a blueprint for the true consolidation of the historic triangle between the Art Gallery of NSW, the former Registrar General's building and the State Library along the axis of Macquarie Street," Mr Keating said.

The review recommends the precinct's revival be completed in time for the 250th anniversary of the arrival of the First Fleet on January 26, 2028.

Australian Associated Press