The Phillip Street Theatre (succeeded by the Phillip Theatre) was a popular and influential commercial Sydney theatre and theatrical company of the 1950s and 1960s that became well known for its intimate satirical revue productions.

 William Orr was the company’s founding Director of Productions, and Eric Duckworth was General Manager.  After taking over the Mercury Theatre in Phillip Street, William Orr re-opened it as the Phillip Street Theatre in 1954, presenting a series of “Phillip Street Revues” and children's musicals, including Top of the Bill and Hit and Run (both 1954), Willow Pattern Plate (1957), Cross Section (1957-58), Ride on a Broomstick (1959), Mistress Money (1960).

These featured many noted Australian performers, many who later went on to become well known film, theatre and television personalities, including Gordon Chater, Margot Lee, Barry Creyton, Jill Perryman, Noeline Brown, Robina Beard, Judi Farr, Kevin Miles, Charles "Bud" Tingwell, Ray Barrett, Ruth Cracknell, June Salter, John Meillon, Barry Humphries, Reg Livermore, Peter Phelps, and Gloria Dawn.

The Phillip Street Theatre was demolished at the time of Out on a Limb with Bobby Limb and Dawn Lake in 1961, and the Company moved to the Australian Hall at 150 Elizabeth Street, near Liverpool Street. The company's name was then shortened to the Phillip Theatre in recognition of this move.