There is so far no agreement among Plato's commentators ass to how to interpret the Greek verb ειναι at the passage 476d-480e of the Republic. For the ambiguity and multi-meaning of the verv cause difficulty in interpreting the passage in question. The purpose of this paper is to discuss the different meanings of the verb ειναι to see which one of them is the suitable candidate for interpreting the present passage. The first part of this paper is on the existential sense of the verb; the second part is on the veridical sense; and the final part of the paper is on the predicative sense. In the course of discussion, I shall show the reasons why the first and second sense of the verb ειναι cannot fit on with the passage, only can the third one give a complete and reasonable account of it.