In the May 4th period,the comprehensive changes took place in the narrative perspective of Chinese novels.The emergence of the first-person limited perspective and third-person limited perspective in the novel broke the omniscient narrative mode of traditional Chinese fiction,triggered the change in the novel narrative perspective and contributed to the shaping and development of modern Chinese fiction.Taking Short Story Monthly and other novels from 1921 to 1931 for example,the paper makes a comprehensive and in-depth review and discussion about this phenomenon.