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This paper is to pose a question about the conventional argument that political affairs on the Korean peninsula in the 4th and 5th centuries were consistently set in the confrontation between ‘Goguryeo』Silla Alliance’ versus ‘Baekje』Gaya』Wa Alliance’ and to postulate Gaya seceded from ‘Baekje』Gaya』Wa Alliance’ and allied with Goguryeo after Goguryeo’s Southward Conquest. This paper also dissertates that Gaya took its own line on the basis of ‘multilateral diplomacy’ in alliances with other states including ‘Gaya』Goguryeo Alliance’. In the first chapter, in order to verify the relations between Gaya and Ye(濊) in the 1st to 3rd centuries, I tried to relate records about Ye in books of Ye, Han(韓), Goguryeo(高句麗) and Okjeo(沃沮) in Records of Three Kingdoms(『三國志』). Particularly, after the Jianan(建安) era when Daifang(帶方) Prefecture was established, Gaya’s commercial trade with Ye by means of iron trading presented a demonstration that it was actually a trade relation with Goguryeo. In this sense, the commercial trade between Gaya and Goguryeo by the 3rd century had been developed to the political relationship of alliance amidst the political turmoil on the Korean peninsula in the late 4th and early 5th centuries. In the second chapter, I tried to show the formation process of ‘Gaya』Goguryeo Alliance.’ The premise is that Gaya abandoned its state name used in the Three Hans Era and began to use such a name as shown in the King Gwanggaeto’s Stele in the late 4th century at the latest. Through analyzing the article about ‘Goguryeo’s Southward Conquest’ in the Stele, I argue that ‘Gaya』Goguryeo Alliance’ such as ‘Alla』Goguryeo Alliance’ and ‘Gara』Goguryeo Alliance’ was established right before and after 400. According to historical records and archeological materials, ‘Gaya』Goguryeo Alliance’ seems to have been maintained until the 5th century round. In the third chaper, I tried to examine that the amicable relation between two states after the alliance broke up over the growing Goguryeo’s southward expansion policy and Gaya joined ‘Silla』Baekje Alliance’. With the breakdown of the alliance with Goguryeo, however, Gaya took its own diplomatic stance and moved toward the ‘multilateral diplomacy’.