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The Sunken Ship is in the ocean of Ryoshima Coast, located in the Lunar Lagoon near the Moon Turret. When the moon is viewed from the Moon Turret, the tide recedes, allowing access to the Sunken Ship while draining the water inside. When the sun shines, however, the ship floods, a characteristic integral to its navigation. The ship contains a multitude of treasure and is also inhabited by several creatures and ghosts.
- The apparitions of Crimson Helm and Spider Queen
- Seaweed demon
- Hand demons
- Ichiro, Jiro, and Saburo
- Sun Fragment: In the highest alcove in the cannon room.
- #57: In the topmost target of the cannon room.
- #58: In the final treasure room, the rightmost chest in the back of the room.
- The reason why the Lucky Mallet is inside the Sunken Ship is revealed in Ōkamiden. When Chibiterasu returns from Sage Shrine, he brings it with him onto the Goryeo. When the Water Dragon attacks and Kurow and Chibiterasu try to fly away, the Lucky Mallet makes Chibiterasu too heavy to carry, forcing them to leave it behind. It then sinks along with the ship.
- References to the Sunken Ship from the Goryeo include a shark and two hermit crabs inhabiting the same rooms that Amaterasu encounters Jiro, Saburo and Ichiro when she explores the ship. Although, in Ōkamiden, the room is significantly smaller than in Amaterasu's exploration of the ship.
- Even though the Ōkamiden incarnation of the Goryeo had the insignia of a blue fire on the sail, when Amaterasu visited the shipwreck, the sail bears the image of a skull.
- Inside Ōkamiden's Goryeo can be seen a map depicting Japan and Korea, thus denoting a possible commercial trade between the two countries. Moreover, the ship's name itself is the name of an old Korean kingdom which in Japanese is called Kōrai (高麗). The kanji 丸 following the ship's Japanese-version name is used among other things as a suffix for ship's names.