During the late-Goryeo period, a large number of illustrated manuscripts of the Lotus Sutra in small letters was published. Among them, the frontispiece illustration of the assembly of Sakyamuni preaching at vulture peak (Yeongsan Hoesang Byeonsangdo) bears significant academic value as it exhibits diverse aspects of the late Goryeo period including Buddhism and Buddhist thought, rituals, and diplomatic relations with the Song Dynasty. The iconographical representations in the lower register of the illustration, stupa rising from the ground and Ajātaśatru and Sāriputra worshiping the stupa, are understood as reflecting the attaining Buddhahood and the practice of repentance, which are central to the Lotus Sutra. In particular, Ajātaśatru was the fundamental figure who led Sakyamuni to preach to Queen Vaidehi the “sixteen visions,” the method to visualize the Western Pure Land of Amitayus and achieve reincarnation in the Paradise. Ajātaśatru is the icon of hope, who ultimately attained Buddhahood through penitence despite his act of immorality of killing his father. As the representations of the stupa and Ajātaśatru are depicted side-by-side in the Illustration, the stupa comes to the endowed with the meaning of an auspicious pagoda that only those who have repented of their wrongdoings can see, and they therefore symbolize salvation. The prevalence of the representations of stupa and Ajātaśatru as important iconographical depictions of the Illustration of the assembly of Sakyamuni preaching at vulture peak is because the images reflect the Buddhist culture at the time, when there prevailed religious practices such as recitation transcription of the Lotus Sutra and ceremonial repentance before the Buddha and Bodhisattva(Yecham). This study goes beyond the visual characteristics of the Illustration of the assembly of Sakyamuni preaching at vulture peak and interprets the iconographical representations through an understanding of the Buddhist culture embedded in the social changes and historical transition of late-Goryeo and based on Buddhism and its thought.