Korea is known as one of the most beautiful countries of the world. Her topography with rivers and mountains is winding through the peninsula shaping landscapes of exquisite delicacy which gave rise to a variety of habitats resulting in evolution of high biological diversity. Korea has a record of about 29,000 species of living organisms. It is estimated, however, only one thirds of actual number of species in the wild. Among them are known about 200 species either under threat of extinction or in need of protection, which, notwithstanding, could stand for only tiny portion of a far greater number of threatened species in the wild. All these poor inventories inherently come from lack of accumulated data, shortage of scientific studies and, eventually, from non-existence of any national center for conserving the natural heritage of the country. The number of natural history museums in South Korea, nevertheless, in fact, enumerates around ten even though it is noted zero in a world statistics( Mares, 1993). A recent status survey by the present writer indicates that from eight museums responding to the questionnaire the number of scientists working in the museums was only 20 in total and merely three museums published periodicals for circulating their scientific studies. The number of biological specimens amounted to 228,000 throughout the collections. The museums housed in an independent building numbered but two in all. Merely five museums were operating any educational programs, with visitors to the eight responding museums amounting to 1,362,000 in the year 1999. All the museums responded were suffering from extreme financial difficulties in particular. That poor level of operation in all sense may explain why the international statistics of natural history museum came to put the figure zero to South Korea. With ever increasing rate of extinction as well as disappearance of natural history specimens in biology, geology and humanity along at an accelerated pace of urbanization and industrialization Korea would be deemed one of the countries wherein the operation of the National Museum of Natural History is mostly needed. In order to improve the situation twenty six scientific societies and organizations in the nation initiated a national campaign in 1991 asking the Korean government to develop one which, at length, was accepted in 1995. A series of planning study was performed in the following three years and forty four autonomous local governments applied for the museum project by proposing the offer of certain land areas to build one. Fourteen sites were finally selected as possible localities meeting to the requirements of the national museum project. The plan came to a complete halt, however, in 1999 with no budget at all, allegedly due to financial crisis of IMF. The situation with no money to the project, nevertheless, lasted up to the current year. This project, now taking another stance to develop the natural history museum by the Ministry of Culture and Sport is now facing the most serious challenge of cost-effect analysis to be carried out by a governmental institute of think-tank in economy. The outcome of the study will direct the destiny of the Museum project in consideration whether to be set up or not. It should be taken into account, however, that national identity and cultural pride, not accountable in any currency, will be the best reason and rationale why the National Museum of Natural History has to be established. It will be only for additional reason and available benefit that it needs to be set up to play the role of scientific center by preserving biological diversity and developing any natural products even though it is to get through the exam of cost-effect analysis.