<p>This article examines the development of online fiction in China as a historically contingent process shaped by the interaction of digital infrastructure, commercial strategies, and state regulation. Drawing on the concept of platformization, it traces how online fiction evolved from fragmented online literary communities in the 1990s into a highly concentrated industry embedded within large-scale digital ecosystems dominated by major technology firms. The article identifies three stages in this transformation: early emergence within fragmented online literary communities; accelerated commercialization characterized by serialized production and freemium monetization; and platform consolidation driven by the convergence of mobile internet infrastructure, state support for the digital economy, expanding IP-driven media industries, and the growing importance of behavioral data in platform-based value creation. Across these stages, technological change, market restructuring, and evolving regulatory intervention jointly transformed the organization of cultural production, circulation, and monetization. The article argues that the platformization of online fiction in China involves not only increasing market concentration but also the growing integration of commercial platform infrastructures and state regulatory power, producing a form of platform mediated cultural governance in which commercial and political logics become increasingly intertwined.</p>