Hwarangsegi (花郞世紀) transcribed by Park, Chang-wha was found twice in 1989 and 1995. So the Korean ancient history researchers have repeated the controversy about its genuineness for 18 years. National Institute of Korean History(國史編纂委員會) collected the manuscripts left by Mr. Park Chang-wha en bloc in 2001. Arranging his posthumous manuscripts, I found the manuscripts of Hwarangsegi which was presumed to be a different version(殘本) discriminated from that of 1995 and another Hyangga(鄕歌) included in the manuscripts. I ascertained the facts as follows by examining those material. First, the new version of Hwarangsegi found in this time falls under a sequel to 1989ㆍ1995 version of the already found Hwarangsegi in the contents. Second, the new version is come to the conclusion that it’s the original version(底本) of 1989ㆍ1995 version in many ways, for example, the choice of terms and the O2description about the rebellion of Kim Heum-dol(金欽突), Boryong(?龍)’s lineage and his marital relations, the origins of Taoist hermit group with supernatural powers(仙徒) and sect of Yeon(燕門). Third, the different version of Hwarangsegi is what Mr. Park wrote in 1930. After he arranged the description of both Samguksagi and Samgungnyusa in a chronological order, he made the ring to connect between the related material logically. Furthermore, it was a historical novel to creat fictitious characters and fanciful stories whenever it was needed. Especially, He corrected the contents of the newly found Hwarangsegi since he had fixed Okigong(吳起公) as the father of Kim, Dae-mun(金大問). And Hwarangsegi found in 1995 became a forged book by adopting the modified contents. Contrary to the controversy about its genuineness until now, moreover, Mr. Park obviously said that he had never seen Hwarangsegi in his other works himself.