The study investigated the stakeholders' perceptions of South Korea's higher education internationalization policy. Based on the research framework that defines four policy values--propriety, effectiveness, diversity, and engagement, the convergence model was employed with a concurrent mixed method sampling strategy to analyze the stakeholders' perceptions. According to the findings, the stakeholders perceived that the government's internationalization policy to date has contributed to the international competitiveness of Korean universities by and large in a quantitative manner. Their views however signaled that the government should consider the quality and identity of Korean higher education institutions when designing and implementing internationalization policy. Based on the implications that the findings have in the policy context, this study suggested two points for future policy research into Korean higher education internationalization: (1) develop a glonacal definition of world-classness for Korean universities and (2) build up a mixture model of centralization and decentralization for the government-university relations, which encourages internal self-governance of Korean universities.