Henslowe's contract for the Fortune Theatre, which provides a detailed description of its specifications, is a primary source of information about the features and construction of Elizabethan playhouses. For the construction of the Fortune, Henslowe employed Peter Street, the same contractor who had built the Globe. What is known about the features of the Globe, therefore, is largely derived from Henslowe's contract for the Fortune. These documents reveal that the Fortune had a circular, open yard, approximately 55 feet (17 metres) in diameter, surrounded by three tiers of galleries. The rectangular stage, which was 43 feet wide by 27.5 feet deep (13 by 8.5 metres), was covered by a roof. The contract also includes plans for the construction of gentlemen's rooms, twopenny rooms, and a tiring house, or dressing room. Henslowe paid £520 for the first Fortune Theatre, and it cost almost twice as much to have the theatre rebuilt of brick after it burned down in 1621.

The Fortune opened in 1600 with a performance by the Admiral's Men, who continued to use it for many years. After the Puritans closed the public theatres in 1642, the Fortune was used occasionally for clandestine performances. One year after Charles II's return to England in 1660, the Fortune was torn down to accommodate the construction of 23 houses.