Taekgyeon, a traditional Korean martial art, has enjoyed the recognition it deserves as part of cultural legacy of Korean people since it was designated as an intangible cultural property of great impotance No. 76 under the Cultural Properties Preservation Law in 1983. This milestone designation was followed in 2008 with the enactment of the Law No. 9006 of Traditional Martial Arts Promotion, which requires the central and local governments to play more aggressive role in preserving and promoting the best and the brightest of the traditional Korean martial art as a part of the Korean cultures, thereby providing quality services to the citizens in the field of welfare sports, public health, and cultural opportunities. This study first takes a broad review of the values and roles of traditional martial arts not only as cultural properties under the Cultural Properties Preservation Act but also as traditional sports and plays, a significant part of cultural heritage for all humanity under UNESCO s Convention for the Safeguarding of the Intangible Cultural Heritage and the Traditional Martial Arts Promotion Law. Then a practical proposal for promotion of martial arts is put forward from a legal and institutional perspective, with focus on two unique aspects of Taekgyeon: traditional martial art and cultural property.