The Korean nuclear fuel cycle was modeled by the dynamic analysis method, which was applied to the once-through and alternative fuel cycles. First, the once-through fuel cycle was analyzed based on the Korean nuclear power plant construction plan up to 2015 and a postulated nuclear demand growth rate of zero after 2015. Second, alternative fuel cycles including the direct use of spent pressurized water reactor fuel in Canada deuterium uranium reactors (DUPIC), a sodium-cooled fast reactor and an accelerator driven system were assessed and the results were compared with those of the once-through fuel cycle. The once-through fuel cycle calculation showed that the nuclear power demand would be 25 GWe and the amount of the spent fuel will be ${sim}65000$ tons by 2100. The alternative fuel cycle analyses showed that the spent fuel inventory could be reduced by more than 30% and 90% through the DUPIC and fast reactor fuel cycles, respectively, when compared with the once-through fuel cycle. The results of this study indicate that both spent fuel and uranium resources can be effectively managed if alternative reactor systems are timely implemented along with the existing reactors.