Recent reforms of high school education in Korea have focused on transforming the uniform and standardized system into a deregulated and diversified system that has an emphasis on school choice and competition. Situating the high school diversification policy in the context of the recent controversy of the neoliberal educational reform, this study argues that school diversification in Korea is deeply impaired and unfulfilled, such as in situations in which the school differentiation and elite high school credentials struggle are reinforced by the peculiar nature of the Korean educational market, namely the "hakbul"-based society and the development of private educational markets. It suggests that special attention should be drawn to integrate the reform efforts for high school diversification into the ways in which the policy is being configured and delivered within the pursuit of educational equality and social justice.