Following the launch of “Stories”, a function that allows users to post ephemeral photo and video slideshows that disappear after 24 hours, by social media, media agencies began to create “Story news” as an innovative ideographic modes of news release. This study aimed to explore the characteristics and features of Story news, as well as establish its narrative structure and content. Through narrative communication, this study first compiled the narrative theories, news narrative modes, and the characteristics of online news. Through textual analysis, documentary analysis, participant observation, and narrative analysis, this study summarized, from the perspectives of narrative communication and narrative paradigm, Story news application modes, Story news narrative structure, and its mediating process. Finally, this study delineated the form, content, and nature of Story news, and preliminarily proposed five thinking directions: closed textual structure of the news, simplified media output, complicated media production, emergence of new media ethics, and valuable narrative instinct.