When flood control storage lacks for the reservoir operation of multipurpose dams during flood period, the additional flood control storage should be considered for the flexible use of limited storage capacity. Flood period is divided by meteorological characteristics in this study and the water levels for water demand and flood control are investigated for the divided flood period. Based on the investigations, we suggest the variable restricted water level(VRWL) from the considerations of water conservation and flood control which can determine dam operating water level during flood period. This paper presents an application of the methodology to determination of the VRWL during flood period at the Taechong Dam and the results are discussed.