As to the main character Princess Kaguya, people made various suppositions; for example, a relationship with Emperor Suinin's consort Kaguyahime (a daughter of Otsuki no Miko (King Otsuki Tarine)), and a relationship with Toyouke Taijin (Grand Divine Toyouke) was discussed because the name of Kaguyahime written in Chinese characters (赫夜姫) can also be read as 'Toyohime.'
主人公のかぐや姫も、垂仁天皇妃である迦具夜比売（かぐやひめ、大筒木垂根王の女）との関係や、赫夜姫という漢字が「とよひめ」と読めることからから豊受大神との関係について論じられるなど、様々な説がある。