Since the end of the 1950-1953 Korean War, many scholars and policymakers have expressed concern about the possibility of another conflict on the peninsula. In certain respects, the post-1953 North-South Korea relationship resembles the Cold War that existed between the United States and the Soviet Union, 1945-1990. Although a "hot" never occurred, peace was never guaranteed. By looking at international theories (i.e., realism and liberal theory) and by utilizing casual-loop diagram analysis, the main purpose of this research is to explore on the likelihood of peace and war on the Korean peninsula. First, several factors (e.g., economic stagnation of North Korea, unstable political systems, and so on) emphasized by realism perspectives are significantly related to the likelihood of conflict between North and South Korea. Conversely, several determinants (e.g., economic assistance to North Korea, inter-dialogue between two Koreas, cultural and social exchange, and so on) emphasized by liberal approaches are significantly related to likelihood of peace on the Korean peninsula. Given the two different interpretations about the likelihood of conflict or peace, it can be argued that a second military action might occur on the Korean peninsula if realism theories are true. However, if practical factors exist on the Korean peninsula, the two Korean can optimistically expect a peaceful reunification in the future, without interference from other countries.