《戏剧》月刊是“五四”新文化运动后出现的第一本专门性戏剧刊物。月刊集结了一批中国早期话剧的代表性人物，分析探讨了中国戏剧的发展现状，并对戏剧未来的发展方向提供了具体建议。《戏剧》月刊对中国旧戏是彻底否定的，持“旧戏已死”的论调；而对文明戏的态度则略显复杂，在肯定文明戏是堕落的前提下，同时认为它具有压制旧戏死灰复燃的价值。而《戏剧》月刊最重要的观点在于如何创造新剧，演剧人身份的转变、重视民众和社会教化的作用、剧场的革新等观点，成为“爱美剧运动”的开端。新文化运动的激励，中国戏剧发展现状导致的必然趋势，以及《戏剧》文人群体的联合等因素，使《戏剧》月刊成为推动20世纪20年代中国现代戏剧改良的重要环节。

Drama Monthly is the first specialized drama publication after the May Forth New Culture Movement. The magazine assembled a group of representatives of Chinese early drama, analyzed the current situation of drama, and provided concrete suggestions for the future development direction of drama. Drama Monthly completely negates Chinese traditional opera, holding the argument that Chinese traditional opera is dead. But its attitude to early drama is a bit complex. Under the premise that early drama is degenerate, it also believes it can refrain the resurrection of Chinese traditional opera. The most important point of Drama Monthly is how to create modern drama. The points of changing the status of actors, attaching importance to the role of the people and society education function, and reforming theaters, become the beginning of Amateur Drama Movement. The incentive of the New Culture Movement, the inevitable trend resulting from the situation of drama in China, and the combination of the literary group of Drama Monthly have made Drama Monthly an important part of drama improvement in the 1920s.