The Equalization Policies had been planned to solve the problems such as classification of schools due to the school tracking system and achievement gaps between students during 1960-70 when Korea was approaching to the industrial society. Now, Korea is in the heart of the new Knowledge Society. In this paper, it is tried to evaluate whether the Equalization Policies is still working effectively or not. To do this, by using the 6 test results of PISA from 2000 to 2015, we evaluate the excellency and equity of Korea education. For excellency, we analyze the Korean students’ achievement and rate of students according to achievement levels, and their time serial trends are also discussed. For equity, we analyze gaps between the students and school and their time serial trends. Also the results of Korea is compared with the other 4 OECD countries. As the results, it is shown that the main goals of the Equalization Policies has not been achieved, but that the degradation of achievement has not occurred, which was called as the side-effect of the Equalization Policies. However, it is also shown, after 2012, that the achievement of Korean students has been degraded quite a lot and that the achievement gaps between students are increasing rapidly. So, we conclude that the effectiveness of the Equalization Policies has been faded away, because it is shown that both of excellency and equity has been degraded.