This paper seeks to find out possibility of introducing market order into Korean fisheries regulatory system. Hayek tells us that market order is equivalent to spontaneous order, while regulations are man-made order created based on incomplete knowledge. He also sees market competition as a discovery procedure of knowledge and information. From this perspective is discussed Korean fisheries regulatory reform-particularly issues of establishing property right on fishery resources. It appears that there is quite a large room for substituting market functions for the regulations regarding fishery resources management, even though fishery resources have a very nature of common pool. Advanced fisheries suggest that successful regulatory reform require a well-prepared strategic plan and check list. In addition, the government should be able to secure sufficient monitoring and surveillance power and to play an important role as a fair supervisor.