The Peony Pavilion by Tang Hsien-tsu, the most important drama in the Ming Dynasty, raised burning criticism and discussion at the time of its first presentation. Among related reviews, the commentary was a very important form. This kind of criticism involved various aspects of the drama, including rhythm, diction, the plot, and the creation of characters. Besides introducing extant commentaries on The Peony Pavilion, I focus this article on the analysis of its plot and structure as well as on the creation of the characters, hoping to present the contribution of the theories of criticism.