Recently, ferroelectric tunnel junctions (FTJs) have gained extensive attention as possible candidates for emerging memory and synaptic devices for neuromorphic computing. However, the working principles of FTJs remain controversial despite the importance of understanding them. In this study, we demonstrate a comprehensive and accurate analysis of the working principles of a metal-ferroelectric-dielectric-semiconductor stacked FTJ using low-frequency noise (LFN) spectroscopy. In contrast to resistive random access memory, the 1/f noise of the FTJ in the low-resistance state (LRS) is approximately two orders of magnitude larger than that in the high-resistance state (HRS), indicating that the conduction mechanism in each state differs significantly. Furthermore, the factors determining the conduction of the FTJ in each state are revealed through a systematic investigation under various conditions, such as varying the electrical bias, temperature, and bias stress. In addition, we propose an efficient method to decrease the LFN of the FTJ in both the LRS and HRS using high-pressure forming gas annealing.