Published in Canton in 1922, The Theatrical World (Xiju shijie) is a Chinese drama magazine that has witnessed the historical changes of Cantonese opera, including the rise of a new generation of Cantonese opera scriptwriters. In a respectful and colloquial expression also known as kaixi shiye, this batch of professional or semiprofessional opera scriptwriters distinguished themselves from the traditional librettists of Cantonese opera at least in two aspects. First, they were not trained as stage performers. Rather, these younger scriptwriters were educated “literary practitioners” who had established their career in publishing, editing, and writing. Apparently, they lacked the theatrical trainings and career seniority that their predecessors had acquired. However, as this article argues, their social networks, literary skills and new knowledge about modern literature serve as the cultural and social capital that were instrumental in positioning themselves in the field of production of Cantonese opera. The second half of this article analyses the “theatrical world” revealed in the drama criticism section of the magazine, highlighting the issues of “visual spectacle” and “commodification” of Cantonese opera. Comparing The Theatrical World with another magazine titled Drama Trend (Juchao), the final section of this essay explores the connections between kaixi shiye, drama magazines, and commercial theatre of Hong Kong during the 1920s.