The city's old and new towns have held Unesco status since 1995 and are among six world heritage sites in Scotland.
The aim is to gather feedback for the City of Edinburgh Council, Edinburgh World Heritage, and Historic Environment Scotland.
The consultation will close at the end of July.
Ian Perry, convener of the City of Edinburgh Council's planning committee, said: "Our World Heritage Site is of crucial importance to the future vision and development of the city.
"This consultation process is an opportunity for everyone to have their say on how the site is being run.
"We would like as many people as possible to let us know what they think is working well, and where we can make improvements.'
Adam Wilkinson, director of Edinburgh World Heritage, said: "The management plan consultation may sound like a theoretical exercise, but the plan is a living document that provides the base from which the partners in the management of the World Heritage Site guide change.
"Its review is an important opportunity for the communities of the World Heritage Site and the city in general to ensure their voice is heard.
"We would urge everyone to get involved and take part in this consultation process."
Barbara Cummins, of Historic Environment Scotland, said: "As partners in the Management Plan, we welcome the launch of the consultation - this provides an opportunity to gather suggestions and ideas from those who live, work and visit Edinburgh on how we manage and celebrate the Old and New Towns World Heritage Site."

A report from the Public Accounts Committee (PAC) has questioned how the policy will be funded, and whether proper replacement homes will be built.
The MPs also said there was evidence that Right to Buy could increase overcrowding for those in housing need.
The government said it made no apology for encouraging home ownership.
The idea of the scheme is to allow Housing Association tenants to buy their own homes, with discounts similar to those currently enjoyed by council tenants.
Members of the Committee said there was also a danger that increased discounts for Housing Association tenants would lead to greater fraud.
Meg Hillier, chair of the PAC, said the approach to paying for the policy was entirely speculative.
"There are no costings or workings out. We are not talking about a 'back of an envelope' calculation - there is no envelope at all."
The policy has previously been criticised by the Local Government Association, and the Institute for Fiscal Studies (IFS).
It has also been rejected by the governments of Wales and Scotland.
The government has said that the extension of Right to Buy - which is already being piloted in five areas of England - will be funded by councils selling off their most valuable council houses.
It promised that all the homes would be replaced.
But the MPs concluded that the government's commitment "will not ensure that these will be like-for-like replacements".
They said new homes "can be a different size and in a different area, and may cost more to rent".
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In their report, the MPs also said it would be difficult to replace homes on a one-for-one basis. They said such a target would require a five-fold acceleration in housing starts.
As a result, the policy could "lead to those in need of social housing suffering greater overcrowding."
But the government insisted that all the replacement homes would be built.
"This government makes no apology for helping people into homeownership," said a spokesperson for the Department of Communities and Local Government (DCLG).
"Our voluntary agreement with housing associations will mean 1.3 million tenants will have the chance to own their own home, while every home sold will be replaced with a new affordable property."
The scheme is due to be rolled out across England later this year.

There was an initial outbreak at Weston General Hospital before Christmas and then a fresh outbreak afterwards.
Uphill and Berrow wards are now both open and the Ashcombe maternity unit is fully open for expectant mothers.
A third ward, Kewstoke remains closed and still has restrictions in place, hospital bosses said.
When there was an increase in emergency admissions over the Christmas and new year period,  eight out of 12 beds in the maternity unit were used for admissions but now it has returned to being fully used by the maternity unit.
A major public consultation has been launched to canvass views on how Edinburgh's world heritage site should be protected.
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The government's controversial plan to extend the Right to Buy to Housing Association tenants has been sharply criticised by a group of MPs.
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Two wards at a Somerset hospital have been reopened to admissions after an outbreak of norovirus at the end of December.