《蕙風詞話》盛載著一代詞宗況周頤的畢生詞學精要。它自1924年成書以來，曾幾經後人增訂或整理出版，形成了各種不同的版本。本文回顧了況氏編撰是書的過程，並逐一介紹了其主要的後出輯本和校本。我們又從詞話文獻整理的角度，剖析了此書後出版本的輯錄和校勘問題，從而指出部分版本其實並不可靠，而且並非真正有利於我們對《蕙風詞話》和況氏詞學體系的全面掌握和理解。我們認為，《蕙風詞話》五卷原刻，是況氏手定之本，根本無庸後人增輯、補編和擴充，否則只會擾亂了讀者和研究者的視野。此外我們發現，這些版本都分別存在著嚴重的校勘問題，亟須盡快予以清理，以免繼續以訛傳訛。我們也希望此書在重新校勘出版時，能夠把《蕙風詞話》五卷本原書，和況周頤的其他詞學著述明確分開，以還《蕙風詞話》和況氏詞學體系的本來面。

Huifeng Cihua, carrying essential thoughts on Ci studies of the Great Master Kuang Zhouyi, was firstly compiled in 1924. Since then it has gone through several expansion and collation by the later scholars, thereby leaving a variety of editions. This paper reviews the history that Kuang edited the book. Introduction is given to the major posthumously re-compiled or re-collated versions, and problems generated from such processes are discussed. From the viewpoint of textual criticism, it is concluded that some of these editions of Huifeng Cihua are unreliable and cannot help the full comprehension of the book as well as to that of Kuang’s Ci theory. The study finds that the original 5-volume print was accomplished by Kuang himself and therefore requires no further complement. Other editions, however, are found with serious collative problems deserving an urgent clear-up. To recover the original composition of the book Huifeng Cihua and that of Kuang’s Ci theory, it is suggested that the primitive 5-volume edition should be published apart from any add-on.