As the last song of the first small theatre movement in China, Peiping Small Theatre has made many works sensational and triggered academic discussion. Through the combing of historical documents, it can be seen that Peiping Small Theater not only carried out beneficial practice of small theater drama, but also never stopped to think deeply about drama theory and explore the essence of drama. Its unique propaganda strategy helped the small theater movement gain wider acceptance. Although Peiping Small Theater has not been continuously practicing drama, it has had a positive and far-reaching impact on drama publicity, cultivated many outstanding drama talents, profoundly affected the public's cognition of drama, and made important contributions to the vigorous development of the small theater movement.