This paper is the second part of "A Study of the Foundation of Silla Dynasty", the first part of which has been worked by this writer in the title of "A Study as to the Name of the Silla Dynasty." Scholars have generally analyzed and interpreted the forkstories as to the foundation ef Silla Dynasty in terms of mythology and ethnology. In this paper the writer, however, attempted to analyze and reinterpreted the subject in connection with the real historical events of the Dynasty. As a conclusion the following may be summarized; 1) The Substance of King Park Hyug-Gu-Se(朴赫居世); It seems to be a acceptable hypothesis that King Park had not come in existence as God usually believed, but as the highest Goddess, so that King Park would be embodied as the highest trinity Goddess. For analyzing the substance of King Park, we are able to find that the goddess of the mountain, the goddess of the sun and the goddess of the earth were identified with one another. 2) Successors of the Crown; Al(알) tree in ancient Silla appear to be originated from Chun-Gun(天君) who represented the highest priest in the hierarchy of dual ruling system. Consequently, successors of Al clan would be the maternal descents. 3) The Real Founder of Silla Dynasty; the first King of Silla would not be King Park Hyug-Gu-Se(朴赫居世), but King Nam Hae(南解) who has been chronologically known as the second king of the dynasty. 4) The Three Royal Families; it is doubtful that Park(朴), Suk(昔), Kim(金) were crowned on the rotating bases, There seem to have been no other royal families or consorts except Kim's. And then the actual ruler of the Dynasty seems to have exclusively limited to Kim family, 5) The Substance of Alchi(閼智) and Talhae(脫解); Kim Alchi known the progenitor of Kim family would be none other than Park Alchi(朴閼智=혁거세). And Kim Se-Han(金星漢) who has been known as the second generation in documents, but as the progenitor in Inscriptions, of Kim family, may be none other than King Tal-Hae(脫解) known as the progenitor of Suk family. King Tal-Hae seems to come from Back-Je Kingdom(百濟) along the East See(東海) with highly developed civilization (nothern-line iron-culture) as a respectful Shaman Smith.