Technology assessment has drawn enormous amounts of various attention as well as participation mostly in industrialized countries. This paper deals with the implications of technology assessment especially in newly developed countries. Firstly, definition and present status of technology assessment are depicted. Secondly, methodology of technology assessment is reviewed in detail at two different levels; one is the methodology at procedural or epistemological level and the other is the methodology at specific or particular level. Finally, policy recommendations and suggestion concerned with the activity of technology assessment in Korea are presented.