Virtual Advertising and Product Placement which had been brought up to strengthen the competitiveness of the contents and vitalize the Advertising Industry, especially broadcasting advertising were finally adopted. This is a study to review what the background and the current condition of the virtual advertising and product placement are, identify what their current and potential problems are, and discuss how to settle the issues and make improvements. It also presents an empirical study on audience awareness. As a result of the study, audience tends to show high awareness of virtual advertising and product placement, to accept them more positively and show higher reliability of them than any other advertising. Moreover, it appears that they pay more attention to them, express their favor on them, and regard them convincing. This is an important point to both academic field and industry, which is likely to give suggestions to establish policy for virtual advertising and product placement and to develop broadcasting advertising in the future.