In a previous study of the collective multi-phonon bands in 154 Gd, using the microscopic dynamic pairing plus quadrupole model, data for eight K-bands were analyzed. In the last four decades, its decay scheme is significantly revised and the nuclear theory has undergone a significant change. Special focus is on new weak intensity transitions in several bands and on the reassigned levels in its decay scheme. The present study represents a detailed revised analysis of the collective even parity bands below 2.1 MeV. Also, a discussion is given on the nature of the (5) analytical symmetry and the algebraic interacting boson model predictions.