In this study, the method of Increasing the flood control as well as conservation effects is studied by joint operation of Hwacheon and Peace Dam. After completing the second phase of the construction of the Peace Dam, the dam crest height will be increased from 225m and the storage capacity will also be increased. If storage capacity is increased and gates are installed, it will assist not only flood control but also conservation of the entire Han river basin. Considering the change of conservation levels, the change of the restricted water level of the Hwacheon Dam in flood season, and the inflow change into the Peace Dam through the simulated reservoir operation, the annual average power of Hwacheon Dam with 95% reliability, annual firm power, the volume of water supply is calculated. As a result, when the conservation level of the Peace Dam and the restricted water level of the Hwacheon Dam are increased, the generation capacity will be improved. However, even though the inflow decrease, the generation capacity will not be affected. If the inflow decrease under the same conditions, the water supply capability will be reduced to the range from 35% to 40%. It is necessary to increase conservation level to keep the same water supply capability.