The purpose of this study is to analyze changing patterns of governance in Korean higher education through the window of the NPM, so as to compare policy developments in Korea to wider international trends. Building upon Braun & Merrien (1999)’s earlier analytical framework on university governance, the study focuses on the following dimensions in analyzing the Korean case: (1) the belief system of the government regarding the role of universities; (2) the university-state relationship in terms of both ‘procedural’ and ‘substantive’ autonomy; and (3) the distribution of power and authority within individual universities. The results of the analysis suggest that, although some typical elements of the NPM governance model can be found, the NPM principles have yet to be firmly incorporated into Korean higher education. The study argues that the main reasons for this retardation in the implementation of the NPM driven reforms in Korea would be: (1) the general cynical attitude of professors towards the NPM governance model which was considered as the legacy of the former military regime and (2) the lack of a necessary coherence of government policies over the past two decades (i.e., the heavy emphasis on accountability without an accompanying increase in institutional autonomy). The study recommends, as a conclusion, that a more systematic and integrated implementation strategy would be needed so as to create the necessary preconditions for the NPM principles to be able to work properly in Korean higher education.