Apparently diffuse X-ray emission has been known to exist along the central quarter of the Galactic Plane since the beginning of X-ray astronomy; this is referred to as the Galactic Ridge X-ray emission (GRXE). Recent deep X-ray observations have shown that numerous X-ray point sources account for a large fraction of the GRXE in the hard band (2-8keV). However, the nature of these sources is poorly understood. Using the deepest X-ray observations made in the Chandra bulge field, we present the result of a coherent photometric and spectroscopic analysis of individual X-ray point sources for the purpose of constraining their nature and deriving their fractional contributions to the hard-band continuum and Fe K line emission of the GRXE. Based on the X-ray color-color diagram, we divided the point sources into three groups: A (hard), B (soft and broad spectrum), and C (soft and peaked spectrum). The group A sources are further decomposed spectrally into thermal and non-thermal sources with different fractions in different flux ranges. From their X-ray properties, we speculate that the group A non-thermal sources are mostly active galactic nuclei and the thermal sources are mostly white dwarf (WD) binaries such as magnetic and non-magnetic cataclysmic variables (CVs), pre-CVs, and symbiotic stars, whereas the group B and C sources are X-ray active stars in flares and quiescence, respectively. In the log N-log S curve of the 2-8 keV band, the group A non-thermal sources are dominant above {approx}10^-14^erg/cm2/s, which is gradually taken over by Galactic sources in the fainter flux ranges. The Fe K{alpha} emission is mostly from the group A thermal (WD binaries) and the group B (X-ray active stars) sources.