We report the results of the counterpart identification and a detailed analysis of the physical properties of the 48 sources discovered in our deep 1.1mm wavelength imaging survey of the GOODS-South field using the AzTEC instrument on the Atacama Submillimeter Telescope Experiment (ASTE). One or more robust or tentative counterpart candidate is found for 27 and 14 AzTEC sources, respectively, by employing deep radio continuum, Spitzer MIPS & IRAC, and LABOCA 870 micron data. Five of the sources (10%) have two robust counterparts each, supporting the idea that these galaxies are strongly clustered and/or heavily confused. Photometric redshifts and star formation rates (SFRs) are derived by analyzing UV-to-optical and IR-to-radio SEDs. The median redshift of z~2.6 is similar to other earlier estimates, but we show that 80% of the AzTEC-GOODS sources are at z>2, with a significant high redshift tail (20% at z>3.3). Rest-frame UV and optical properties of AzTEC sources are extremely diverse, spanning 10 magnitude in the i- and K-band photometry with median values of i=25.3 and K=22.6 and a broad range of red colour (i-K=0-6). These AzTEC sources are some of the most luminous galaxies in the rest-frame optical bands at z>2, with inferred stellar masses of (1-30) x 10^{10} solar masses and UV-derived star formation rates of SFR(UV) > 10-1000 solar masses per year. The IR-derived SFR, 200-2000 solar masses per year, is independent of redshift or stellar mass. The resulting specific star formation rates, SSFR = 1-100 per Gyr, are 10-100 times higher than similar mass galaxies at z=0, and they extend the previously observed rapid rise in the SSFR with redshift to z=2-5. These galaxies have a SFR high enough to have built up their entire stellar mass within their Hubble time. We find only marginal evidence for an AGN contribution to the near-IR and mid-IR SEDs. (abridged)