The paper critically reviews the results of Korean massification in higher education (HE) and focuses on the consequences related to graduate employment. By analysing statistical data and reviewing related articles, this study explores the process of the massification of HE, investigates major factors influencing the expansion, and analyses and discusses the results as well as implications. The massification process rapidly proceeded through the early 1980s and the mid-1990s as a result of government policies. The enrolment rate increased more than sixfold from 11.4% in 1980 to 70.5% in 2008. The major factors of massification include the "graduation quota" introduced by the new military regime in 1981, the "liberalised university establishment regulation", a formulation of the civilian government in 1996 that favours the neoliberal perspectives, and social and cultural factors that enhance the value of education. The consequences for graduate employment have not corresponded to the expectations for individuals and society. The average annual employment rate for the last 30 years has been approximately 60% and wage differences based on educational attainments have stimulated the demand for university education as well as the intensification of university rankings. The expectation for the possibility of social mobility has also decreased.