This paper is focused on the underlying forms of verb stems of Pyeongyang dialect in the viewpoint of synchronic phonology. Based on the standard to set up morphemes proposed in Choi(2006a), I made types of verb stems and the inventory of morpho-phonemes of Pyeongyang dialect clearly. There are verbs that have only one underlying form Such verbs can be classified into 3 types, type XC(consonants), type XCC(consonants dusters), type XV(vowels). Type XC has 15 sub-types depending on the consonant that locates the end of verb(ㅂ, ㅍ, ㄷ, ㅌ, ㅅ, ㅆ, ㅈ, ㅊ, ㄱ, ㅋ, ㅎ, ㆆ, ㅁ, ㄴ, ㄹ). Type XCC has 9 sub-types depending on the consonants clusters that locates che end of verb(ㅄ, ㄵ, ㄾ, ㄼ, ㄻ, ㄺ, ㄶ, ㅀ, ㅭ). Type XV has 8 sub-types depending on the vowels chat locates the end of verb(이, 에, 애, 으, 어, 우, 오, 아). There are verbs that have two lexicalized underlying forms alternated by the condition. Such verbs can be classified into 8 types({ㅂ-우}, 이{ø-라}, {ㅍ,ㅃ} {우-으}, {ㄷ-ㅭ}, ㅌ{ø-애}, ㄹ{ø-ㄹ}으, {오,우}르{우-르}, ㅎ{아-애}).