We apply the Auslander–Buchweitz approximation theory to show that the Iyama and Yoshino's subfactor triangulated category can be realized as a triangulated quotient. Applications of this realization go in three directions. Firstly, we recover both a result of Iyama and Yang and a result of the third author. Secondly, we extend the classical Buchweitz's triangle equivalence from Iwanaga–Gorenstein rings to Noetherian rings. Finally, we obtain the converse of Buchweitz's triangle equivalence and a result of Beligiannis, and give characterizations for Iwanaga–Gorenstein rings and Gorenstein algebras.