This paper explores the characteristics of modernity of Mei Lanfang``s Peking Opera and the causes of their formation from the perspective of space and time. Internal space-time refers to space-time within the performing activities of Peking Opera, including stage space-time and story space-time, whereas external space-time refers to locations and periods in which those activities are carried out. Through the analysis of the internal space-time of Mei’s Opera, with a focus on how Mei Lanfang dealt with the conflict between stage and plot space-time, it reveals the characteristics of the modernity of Mei’s Opera, such as the expansion of the aesthetic space of the stage, episodic story, lyricism, visual orientation, and realistic staging. By examining the external space-time of Mei``s Opera, it explains what has caused the formation of those characteristics in terms of the radical changes that took place in the hybrid cultural space of early 20th-century China, the zeitgeist of “making it new”, the introduction of Western-style theater into China, and the aesthetic tendency of the audience. This paper deems those characteristics as indicative of Mei’s unique route to modernity.