The first four stories are loosely connected by three main devices:

A play in book form entitled The King in Yellow

A mysterious and malevolent supernatural and gothic entity known as the King in Yellow

An eerie symbol called the Yellow Sign

These stories are macabre in tone, centering, in keeping with the other tales, on characters who are often artists or decadents, inhabitants of the demi-monde.

The first and fourth stories, "The Repairer of Reputations" and "The Yellow Sign", are set in an imagined future 1920s America, whereas the second and third stories, "The Mask" and "In the Court of the Dragon", are set in Paris. These stories are haunted by the theme: "Have you found the Yellow Sign?"

The weird and macabre character gradually fades away during the remaining stories, and the last three are written in the romantic fiction style common to Chambers' later work. They are all linked to the preceding stories by their Parisian setting and their artistic protagonists.