The Second Ancient Theatre sits on the western side of Frourio Hill, a few hundred metres from its larger sibling. It is a more intimate structure — smaller in diameter and capacity — and is thought to be a Roman-era construction, possibly built to complement rather than replace the Hellenistic theatre. The two theatres operating simultaneously in a single Greek city is unusual and reflects Larissa's importance as the capital of the Thessalian League.
The second theatre is partially excavated, with seating sections and the orchestra floor clearly visible. It occasionally hosts outdoor cultural events in summer. Like the first theatre, it is free to enter and usually uncrowded.