Abstract: Completed in the late period of the Republic of China (1937.11–1941.12), Chinese first feature-length animation, Princess Iron Fan, was a masterpiece in the development of early Chinese animation. Therefore, there are a number of reports recorded about it at the time. Through these documents, we can learn about the various processes that Princess Iron Fan went through from its birth to its release. Although the film has been seen as a work to “call to arms”, a review of the Princess Iron Fan and related documents on Shanghai society reveal that Shanghai, as a concession during this period, was under a multi-layered social structure affected by the colonialism, enveloped in the complex and changing political environment created by various political forces, and the resulting chaos in law and order. It also has disclosed the complicated situations in terms of society, ideology and public security in Shanghai at the time. This paper has analysed and summarised the literature related to the Princess Iron Fan in the period and other animation works of the Republic of China. On this basis, it tries to reinterpret the Princess Iron Fan in the light of the literature related to Shanghai society.