The Theatre in Stobi is one of the most impressive buildings ever built in this town. It is located at the south edge of the town and it was built on a slight slope or a flat ground with supporting construction of radial and circular walls. This feature makes it unique among the ancient theatres in R. Macedonia.

There were three phases of building activities during the existence of the theatre. The first phase, which was never finished, dates from the end of the 1^st century. In this period a platform for a different scene building was built. The construction was stopped of unknown reasons and the platform was covered with earth.

 In the middle of the 2^nd century the theatre construction was restarted, with a different concept from the first phase. The usual program of performance offered gladiator combats, animal hunts, mimes and dances.  The viewers entered the building through the entrances on the outside that led to the halls beneath the auditorium. From these halls they reached the seats grouped in 33 – 35 rows and divided in two zones by a central path called diazoma. Today, the upper part is only identified by the remains of the supporting construction. Calculations suggest the auditorium could have accepted 7 600 spectators. The names of the families and individuals who visited the theatre are inscribed on the marble seats. The viewers from the front rows were protected by a net barrier which can be concluded by the post holes on the podium and some of the seats. The scene - building was approximately 13 meters high and its facade was decorated with pink marble columns on two levels.

At the end of the 3^rd century, a strong earthquake damaged the theatre and initiated the repairs from the third phase. The net – barrier was replaced by a wall which blocked the view of the first couple of rows. Walls were added to the sides of the scene-building and the parodoi were separated from the orchestra by gates. In front of the scene building a wall was erected and the central room became a shrine of Nemesis.

At the end of the 4th century the Theatre was abandoned and served as a dumping ground and a quarry. Most of the blocks were used in the construction of the new fortification wall on the eastern side of the town. They were also building material for some of the basilicas from the following centuries.

In the 6^th century, the area of the theatre was just a mound on top of which modest houses were built.

It remained in oblivion until the 1924 – 1934 when the first excavations were undertaken. The orchestra was unrevealed with a bulldozer during the `60s and all the former conclusions were revised and corrected in 1970 – 1980. In 2009 new systematic excavations have begun. The goal is to excavate the theatre completely after what a conservation and partial reconstruction will follow.