Abstract: With the life vicissitude of HOU Fang-yu and LI Xiang-jun, the work Peachblossom Fan narrates the birth and death of Hongguang Southern Ming Dynasty. It is concerned with some subjects, such as historical rise and fall, struggle between loyal ministers and traitors, and contradiction between reason and feelings. The similarity between societies of the Republic of China and late Ming and Early Qing Dynasties made the historical figures and events of the end of Ming Dynasty and beginning of Qing Dynasty enter the horizon of literati's study and compilation or creation. Due to its comprehensive, typical and profound narration and reflection of history, the work Peachblossom Fan was borrowed and adapted many times during the period of the Republic of China. Such borrowing and adaptation are strong in subjective intention and practical point. And they largely used the past to allude to the present and satirize the reality.