I previously discussed Pa tshab’s life and achievements comprehensively as a preliminary study for his Madhyamaka thought (Nishizawa 2021a). There I tried to reconstruct Pa tshab’s activities both in Kaśmīr and Tibet mainly based on the colophons of his translations and works, and discussed the authenticity of four works attributed to him. In addition, I reconsidered the date of Pa tshab critically and thoroughly based on various relevant documents and newly reached the conclusion that Pa tshab was active during ca. 1070-1140. At least, it is almost no doubt that Pa tshab had passed away before 1141 when a famous bKa’ gdams pa master Sha ra ba Yon tan grags (1070-1141) known as his patron died. Following this investigation, I have discussed Pa tshab’s Madhyamaka thought itself in this paper mainly based on the 1st chapter of the bsTan bcos sGron ma gsal bar byed pa (abbr. sGron ma gsal byed), a commentary on the Mūlamadhyamakakārikā (abbr. MK), with reference to the Tshig gsal ba’i dka’ ba bshad pa (abbr. Tshig gsal dka’ bshad), a commentary on the Prasannapadā, and the Le ’brel Pa tshab kyi man ngag, a small memorandum recorded by his disciple(s) on the subject of relation between 27 chapters of MK. The Table of Contents of this paper is as follows: