關於《水滸後傳》的討論，前賢多集中在政治意味或歷史背景的探究，看到的多是比較嚴肅的風貌。然而，魯迅在介紹這部《水滸傳》續書時，卻用「故雖遊戲之作，亦見避地之意矣」的評語來涵攝它；這不免令人玩味，究竟《水滸後傳》是否有其相對於「嚴肅」以外的遊戲色彩？本文即以「戲擬」和「感舊」作為討論的基準，希冀能夠重新檢視這部小說的創作旨趣。從對前作的情節模仿出發，可以看到作者的遊戲筆墨；同時，續書中人物的「感舊」，又帶出對現實的嗟嘆，進而觸發逃遁海外的避地之意，職是，「遊戲」和「嚴肅」二者在書中，應該是兼容並蓄的。最後，部份片斷的物體，又指引讀者前作的種種熟悉的場景，莫不幽微地隱含著《水滸後傳》與《水滸傳》的聯繫關係，這些都是埋藏在續書中的敘事密碼。

Scholars usually focus on discussions of Shui-hu Hou-chuan into serious comments, from politic designation to historical background. In the introduction of Shui-hu Hou-chuan, however, Lu Xun evaluated this book as ＂Although it is a fiction Playing with Meanings, it still to come at the ideas of withdrawing from Jing dynasty＂. It's wondering that is Shui-hu Hou-chuan a playing works or not? Based on ＂parody＂ and ＂nostalgia＂, this paper want to reexamines the designation of Shui-hu Hou-chuan. Starting from the parody of previous fictions in Shui-hu Hou-chuan, I indicate that ＂entertaining＂ and ＂serious＂ elements both exist in this book. This sequel of Water Margin should contain the playing with meaning; meanwhile, The characters’ nostalgia in this sequel not only bring about sigh with regret in the present world, but the ideas of withdrawing from Jing dynasty to oversea. Moreover, the fragments of object lead reader to recall the familiar scenes in Water Margin. By tracing the fragments of object, which are also the narrative codes in this sequel, I outline a trajectory of the correlation between Water Margin and Shui-hu Hou-chuan.