Analytical psychology as well as psychoanalysis and individual psychology belongs to the depth psychology, searching for the unconscious. From a viewpoint that products of human psyche can be object of psychology, art, religion and literature also can be dealt with in psychology. Analytical psychological approach with literature and artist\'s work will verify two things in general. While it is adapted in oral literature, one is about explanation on how it has created and another is about analysis and interpretation of content of oral literature. Latter may be possible through scrutinizing each component of human psyche. What appears in myth, folklore and legend ultimately upspring by genuine psychic activity. Psychic phenomenon means primal nature, equivalent to what psyche itself turns out. Autonomic primal images exist in human soul prior to consciousness. They reveal themselves in dream, folklore, myth, fantasy and even hallucination. Oral literature, such as myth or folklore can not be made by an individual. but by universal psyche that is foundation of all the individual personality. Therefore, individuals with mentality of the primitive can not produce the oral literature. They do not make literature as story-tellers, but even find and experience of autonomic primal images when they say dream contents, hallucinations or archetypal experience. In terms of analytical psychology, all the psychic phenomena have common tendency to realize innate purpose, so called \'Individuation\'. It means realization of universal idea of human being within conscious life. Therefore those who experience myth will learn how to live as a human being by contacting oral literature. However analytical psychological approach to oral literature also has limitations. It may remain to the oral literati to elucidate genuine value and essence of oral literature, as psychological approach may not reach those of literary works or arts.