The Later Three Kingdoms of Korea (892–936) consists of Silla, Hubaekje ("Later Baekje") and Taebong, or Hugoguryeo ("Later Goguryeo"; it is replaced by Goryeo).

The latter two claim descent from the earlier Three Kingdoms of Korea, which had been united by Silla, even though Hugoguryeo has little to do with Goguryeo.

This period arises out of national unrest during the reign of Queen Jinseong of Silla, and usually refers to the era between the founding of Hubaekje by Gyeon Hwon to the time Goryeo unifies the peninsula.

The Unified Silla kingdom is shaken in the ninth and tenth centuries by problems arising from its reliance on the "bone rank system", a rigid class system under which only those from an aristocratic background can be appointed in high office.

The system is being abused as means for the ruling royal family to dominate politically and this causes much unrest in the latter days of Silla.

The local gentry called hojok, i.e.

midlevel nobility or village chiefs, strengthen heir power during this chaotic period by assembling armies of their own and independently centralizing their forces.

Dissension deepens within the nobility after the death of King Hyegong as contention over royal succession intensifies and power struggles are constant among the hojok.

Not only is the political atmosphere in shambles, the financial state of Silla is dire.

Taxation is difficult without the nobles' cooperation.

As a result, the tax burden falls heavily on the peasants and farmers, who consequently had revolted in 889, the third year of Queen Jinseong's reign.

Numerous revolts and uprisings will occur during the ensuing century, causing the breakdown of the Unified Silla state.

As Silla starts to crumble, Gyeon Hwon, a former general of Silla, leads rebel troops to seize the provincial capital of Mujinju, today's Gwangju, in 892.

Gyeon Hwon conquers the southwest regions and in 900 declares himself king of Hubaekje ("later Baekje"), a country meant to revive Baekje's glory.

He establishes his capital at Wansanju, today's Jeonju, and continues to expand the kingdom.

Gyeon Hwon, king and founder of Hubaekjek, had changed the state's name to Majin in 904, and eventually to Taebong in 911; he had also transferred the capital from Songak to Cheorwon in 905.

Taebong at its peak consists of territory in the present-day provinces North Hwanghae and South Hwanghae, Gyeonggi, Gangwon-do (South Korea)/Kangwon-do (North Korea), Pyongyang, North Chungcheong and southern part of South Jeolla.

In his later reign, Gung Ye had proclaimed himself a Buddha and become a tyrant who sentenced death to anyone opposing him, including his own wife Lady Gang.

As a result, in 918 four of his own generals—Hong Yu, Bae Hyeon-gyeong, Shin Sung-gyeom and Bok Ji-gyeom—overthrow Taebong and install Wang Geon as king, Soon thereafter, the Goryeo dynasty is proclaimed, from which the name Korea derives.

Wang Geon's naval raids in the Naju region, which have worked to disrupt trade and diplomatic ties with Southern Chinese kingdoms, have troubled Hubaekje for much of its existence by .

Hubaekje possesses considerable military strength, and Lee (1984, p. 99) writes of Gyeon Hwon that "Had Gung Ye and Wang Geon not stood in his way, he surely would have had little difficulty in toppling Silla."

Hubaekje shows its greatest strength in 927.

In this year, its armies attack and pillage the Silla capital at Gyeongju, slaying King Gyeongae and establishing King Gyeongsun as the ruler.

Before the attack, Silla had sent for aid from Goryeo, and Wang Geon arrives with a large army shortly after Gyeongju was taken.

The two armies meet near Palgong Mountain in present-day Daegu.

Wanggeon's forces in the battle reportedly number ten thousand men.

Hubaekje triumphs, and Wanggeon himself only escapes through the daring self-sacrifice of his general Shin Sung-gyeom and Kim Nak.

Goryeo had scored a decisive victory when the armies of Goryeo of Hubaekje met again at the Battle of Gochang near Andong in 930.

Hubaekje had been pushed back into its heartland, where suffers a further crippling defeat at Hongseong in 934.

Gyeon Hwon, the king of Hubaekje, is overthrown by his eldest son Singeom.

He and his two brothers, Yanggeom and Yonggeom, place Gyeon Hwon in prison, but he is able to escape.

Gyeon Hwon leads the Goryeo army against his sons in 936 at present-day Seonsan in Gumi city, destroying Singeom's army.

King Taejo of Goryeo, deeming the plot to have been the work of Singeom's brothers, grants Singeom a noble title.

Accounts vary as to whether Yanggeom and Yonggeom were sent into exile or slain.