This study was performed to understand the morphological and ecological characteristics of Peridinium bipes var. occultatum Lindem., which is the organism responsible for freshwater red tides in Sangsa dam and Miryang dam reservoirs. The samples were collected from April to July 2004 when the freshwater red tides occurred. In the study, we were able to differentiate P. bipes var. occultatum from P. bipes, a closely related species, by its smaller antapical horn size. In Miryang dam reservoir the red tide occurred only within the area of the upstream, but it was well developed in all of the water area in Sangsa dam reservoir. In 2004 average LTSI (Lake Trophic Status Index; Yang and Dickman, 1993) of Miryang dam reservoir was 3.53 of mesotrophic state and Sangsa dam reservoir was 8.59 of eutrophic state. It was determined, through culture experiments under various conditions that vitamins, trace elements, phosphorus and nitrogen were important contributing factors to the growth of P. bipes var. occultatum. A rapid toxic effect of P. bipes var. occultatum on aquatic organisms such of Daphnia magna and Oryzias latipes was not identified in this study.