This study ained to analyze establishment and operation of scholarship foundations established by Japanese settlers in Korea under Japanese rule, and to find out the implications through the case of Asano Tasaburo’s Cheon-Ya Scholarship Foundation. The results were as follows. Cheon-Ya Scholarship Foundation was established by a combination of Asano’s sympathy and support of the Governor-General of Korea. In other words, Asano and the Governor-General of Korea were in a close relationship, and in such a situation, the Governor-General of Korea supported the establishment of Cheon-Ya Scholarship Foundation. This shows that Cheon-Ya Scholarship Foundation played a positive role in providing educational opportunities to the lower classes in Korea under Japanese rule, but also played a negative role in responding to ‘Reconciliation between Korea and Japan’.