The actual numeric strength of the Japanese fleet that Admiral Yi fought is unclear; Korean sources indicate 120 to 133 ships participated in combat, with an unknown number sitting out, up to 330 in total.

Even after their victory, however, the Joseon navy was still outnumbered by the remaining Japanese forces, so Admiral Yi withdrew to the Yellow Sea to resupply his fleet and have more space for a mobile defense.

Due to Japanese intrigue taking advantage of the fractious politics of the Joseon Dynasty court, Admiral Yi Sun-sin had previously been impeached and almost put to death.

Five years earlier, in the 1592 campaigns, Admiral Yi prevented the Japanese from resupplying their troops in this manner and kept their ships holed up at their main bases in Busan harbor.

[17] Admiral Yi Sun-sin was hastily reinstated as Supreme Commander of the Regional Navies after Won Gyun was killed at the Battle of Chilchonryang.

[3]: 463  Yi initially only had 10 panokseon ships at his disposal, which had been saved by Gyeongsang Right Naval Commander Bae Seol, who retreated early in the Battle of Chilchonryang.

Two ships were brought by newly appointed Jolla Right Naval Commander Kim Eok-chu, and by the time of the battle, Yi had acquired another warship, likely one of the two that Bae Seol had previously lost.

Admiral Yi responded with his own letter, stating: "Your majesty, this vassal still has twelve battleships (今臣戰船 尙有十二, 지금 신에게는 아직도 열두 척의 전선이 있습니다).

Even though our navy is small, as long as I live the enemy will not dare to look down on us (戰船雖寡 微臣不死 則不敢侮我矣, 비록 전선의 수가 적으나 미천한 신이 아직 죽지 아니하였으니 왜적들이 감히 우리를 업신여기지 못할 것입니다).

[9]: 311 Admiral Yi studied numerous sites for his last stand with the Japanese navy and decided on luring them into the Myeongnyang Strait.

[24] Early in the morning of October 26, the huge Japanese fleet was spotted by Yi's scouts as they deployed around the small bay on the southern end of Myeongnyang strait.

[9]: 312  In Japanese records, the ships at the front of their formations were the middle class warships called Sekibune, as the larger Atakebune could not fit into the shallow straits.

"[5] The flagship's ability to hold out against the Japanese vanguard eventually gave heart to the rest of Yi's fleet and small groups of his ships came to his aid.

The strong tides prevented those in the water from swimming to shore, and many Japanese sailors who abandoned sinking or damaged ships drowned in the currents.

御歸陣被成少前にこもがいへ御成御越候處すいゑんと申所に番舟の大将分十三艘居申候大川の瀬より早きしほの指引御座候所の内に少塩のやはらき候所に十三さうの舟居申候それを見付是非共取可申由舟手の衆と御相談に而則御取懸被成候大船にてそのせとをこぎくたし候儀は成ましきとていつれも関舟を御揃被成御かかり候先手の舟共は敵船にあひ手負数多出来申候中にも来島出雲守殿討死にて御座候其外舟手の被召連候家老之者共も過半手負討死仕候處に毛利民部大輔殿関舟にて番舟へ御かゝり被成候番舟船へ十文字のかまを御かけ候處に番舟より弓てつほうはけしく打候に付て舟をはなれ海へ御はいり被成あやうく候處に藤堂孫八郎藤堂勘解由両人舟をよせてきせむをおいのけたすけ申候朝の五時分より酉の刻迄御合戰にて御座へとも舟之様子番船能存候に付風を能見すまし其せと口をぬけほを引かけはしらせ申に付無是非追懸申儀も不罷成候和泉樣も手を二ヶ所おはせられ候[7]Just before the lord [Tōdō Takatora] returned [to Japan], he went to Komogai, when at a place called Suien [Woosooyoung] there were thirteen warships of the commander's class.

After hearing the news of the heroic victory, many surviving ships and sailors who had been in hiding after the defeat at Chilcheollyang joined Admiral Yi's fleet.

[12] In Yi's report to the court as recorded in the Annals of the Joseon Dynasty, he was fortunate to gain a small victory after the disaster at Chilcheollyang, with which the Japanese momentum was blunted and they were prevented from entering the Yellow Sea.

After the destruction of most of the Joseon fleet at Chilcheollyang, the Ming kept their navy stationed at important port cities to guard against possible Japanese naval attacks.

The victory at Myeongnyang convinced the Ming government that they could ease security at their major ports and deploy a fleet to the Joseon navy's aid.

Yi’s victory at Myŏngnyang can be credited to his combat tactics, the construction of a small and yet powerful fleet, and the participation of refugee civilians and refugee ships in the battle.”[10]: 133 "By the time the Japanese reached open water and the exhausted Koreans gave up their pursuit, thirty-one ships of Hideyoshi’s navy had been destroyed, while Yi’s fleet remained intact.