Historic records show that there was a great temple called 'Hanjeol' in Bukji-ri, Bonghwa-gun, Gyeongsangbuk-do Province during the Silla period. The main temple was surrounded by 27 smaller temples, where about 500 monks led an ascetic life here. This 4.3-meter high Buddha image is carved inside a hole dug into a giant rock. The big round face wearing a benign smile is life-like. The robe covering both of the shoulders has bold U-shaped folds on the chest and comes down to the pedestal through its arms. The right hand is raised to the chest, while the left hand, giving a greater solemn impression, lied on the lap. As for the backside of the Buddha image, there is a mandorla divided into nimbus around the head, the body and a changed Buddha in many places. Lotus patterns are elaborately carved into the center of the nimbus round the head. It seems that it was made in the late seventh century, judging from its gentle image on the face and body. With the Rock-carved Buddha Triad and Seated Buddha (Treasure No. 221) in Gaheung-dong, Yeongju, this is one of the greatest works of art found in Yeongju and Bonghwa.