Abstract: The publication of Jin Ping Mei during the Late Qing and Republican periods evolved through three distinct phases. From the mid-Guangxu reign to the early Republican period, the proliferation of new printing technologies facilitated its clandestine circulation of the text, effectively undermining official censorship policies. Subsequently, in the early years of the Republic of China，publishers of the “True Jin Ping Mei” system promoted the publication of Jin Ping Mei by using modern publishing business models; After 1935 scholarly editions of Jin Ping Mei Ci Hua exemplified a deep interaction between academia and the markets. Late Qing-Republican publishers transformed Jin Ping Mei from a banned text to public literature through tripartite mechanisms: technological innovation, commercial restructuring, and academic-commercial collaboration. This pathway which was shaped by print technology advancements, capitalist operations, and scholarly paradigm shifts，not only reflects the development process of the modernization and transformation of publishing industry in the modern times, but also provides a new perspective for exploring the classicization of classical fiction.