This study is the semiotic analysis of Halikarnas Balıkçısı’s story entitled Smiling Island. The based model on analysis was Greimas's approach. Greimas’s model states the forms of internal actions of a text and articulation of the semantic structures in the system of signs (Uçan,2002). Depending on this model, Smiling Island story was analysed in terms of narrative , discourse and logical-semantic level. On narative level, text was previously segmented and seven segments were identified and these segments were discussed in three parts. In these parts the actions were revealed which were appeared depending on actants schema. On discourse level, the figurative nature of the players were determined. The characters located in the story named as Davut and Kocadağ’s opposite qualities with each other have been identified. On the semanticlogical level, the oppositioned were determined that constitutes the basic logic of narrative. As a result of this analysis, urban-rural contrast was determined in deep level of story. This contrast gains figurative quality in the contrast of poverty-wealth. It is determined that some details which were installed to the players' behaviors, identities and ideas were demonstrates contrast with eachother. As a result, it has been found that Smiling Island stıry has a neatly arranged structure in terms of actants schema and semiotic rectangle.