William Faulker, American southern writer, adopts a series of techniques and devices in his masterpiece The Sound and the Fury to create a polyphonic elegy for the decadent southern aristocracy. The novel is interwoven with complicated narrative strategies, narrative discourses and textual structure; thus, it can possess high literary value. Through careful analysis and multi?angular observation, this paper applies the methods of structuralism and semiology to draw the textual structure of different dimensions and interpret the deep significances of characters’ discourse and linguistic signs occurring in the novel.