Rylance had small roles in "The McGuffin" (1985) and "Hearts of Fire" (1987), which was supposed to be Bob Dylan's film "comeback", but was only released in the UK. He was a different, hopeful Ferdinand in Peter Greenaway's "Prospero's Books" (1991). The light-haired actor won critical acclaim for his turn as William Adamson in "Angels & Insects" (1995), bringing the right mix of intellectuality and romantic wonderment to the role. Additionally, he won praise for his turns as a man drawn into the mysteries of a school in the Brothers Quay's experimental "Institute Benjamenta" and as a middle-aged butler romancing a young maid (Georgina Cates) in the period drama "Loving" (both 1995).
Rylance managed his own touring stage company, Phoebus Cart, but his status in the British theatrical community rose when, in 1995, he was appointed as the first artistic director of the new Globe Theatre, a dream project that had been championed by the American expatriate, Sam Wanamaker. As associate artist with the Royal Shakespeare Company, Rylance had experience playing several of the Bard's better known roles, including Ariel in "The Tempest", Iago in "Othello" and "Hamlet".