This paper aims to find out the thoughts of origin of Wang Guo-Wei's (1877-1927) ”Theory of Dramatic State” based on the context of the three development courses of Wang's Theory of State”. It reveals the inner context and core nature of Wang's theory from ”mixture of meaning and state-Theory of State-Theory of Dramatic State” in hope to outline the origin of Wang's ”Theory of Dramatic State”. Based on the origin, the paper probes into the aesthetic content of the ”Theory of Dramatic State”, and pinpoints the positioning of Wang's aesthetic thoughts, so as to discuss the position of the ”Theory of Dramatic State” in history and assess its values.