For a deep and accurate interpretation of folktales, it is necessary to understand their specific story grammar. The language of folktales is different from general language. It is ambiguous, pluralistic, nonfactual, and fictional. It demonstrates imaginary freedom, but it is well structured at the same time. The motifs characterized by individuality and freedom, an unfamiliarity of openness, and open ambiguity exert a centrifugal force in the direction of diffusion. Additionally , the sequential structure characterized by totality, regularity, familiarity, and clarity of rating exerts a centripetal force toward convergence. It is an essential feature of the folktale to embody aesthetic order and tension in which different motions interact dynamically. The narrative analysis did not find a way to effectively mediate the dualistic orientation of the motif and sequential structure. Further, psychological analysis and archetype symbolic analysis missed the syntactic consistency of narrative instead of the deep and diverse meaning of motifs. On the contrary, the structuralist narrative theory has not found morphological regularity but missed the semantic diversity and dynamism expressed by the motifs. In this study, we set up the concept of the “narrative issue” as the axis of analysis that mediates the motif and sequential structure and analyze the Korean folktale “Shinbadagi” (“Bottom of a Shoe”). In the folktale, a more consistent, three-dimensional, and rich interpretation of morphological and semantic integration of the motif and structure was made possible by finding the key point of the narrative issue and performing sequential structure analysis and motif analysis through it. At the end of the discussion, I presented the process of folktale analysis based on narrative issue, and I hope this new analytical model can be widely applied to the analysis of contemporary literary works and be effectively used for the planning and creation of cultural contents.