The story of Dong Yong has been passed down for centuries. It is one of the classics that nourishes traditional Chinese culture. Diverse social backgrounds in the past dynasties have generated various genres of folk literature. In the case of Dong Yong's story, there are yuefu poems, zhiguai short stories, bianwen chant fables, vernacular fiction and drama. The newly discovered "Shangdang manuscript" of Dong Yong story is a ballad, also an important medium that conveys the legend. In view of this, I examine the legacy, transformation and innovation of this manuscript to determine its relationship with the theatrical tradition. I analyze reasons for transcribing the copy, explore the cultural significance, so as to provide important historical reference for the current study of Dong Yong's story.