This article discusses the development of artistic principles Wang Anyi’s novels about Shanghai. Despite the emphasis on depicting everyday city life in accurate and historically authentic detail, analysis of the art features and “points of view” within the novels reveals a double-layered narrative structure in which describing real life coexists with depicting an illusory existence. Therefore we can make certain conclusions that artistic representation of Shanghai in late novels is leaning more towards non-realistic and subjective approach. The article also emphasizes constructive significance of the concept of dream in artistic world of Wang Anyi’s novels.