The primary purpose of this article is to evaluate the impact of a dual-project action learning program (DPALP) conducted in South Korea. A dual-project program requires each participant to carry out both team and individual projects. Cho and Egan's [2009. Action learning research: A systematic review and conceptual framework. "Human Resource Development Review" 8: 431-62] four dimensions of action learning are employed as an analytical framework for this case study. Accordingly, this article reports the antecedents, process, proximal outcomes, and distal outcomes of the DPALP. This article further examines the effectiveness of the program in the following areas: (a) key areas of learning, (b) increased level of business awareness, (c) increased level of leadership competencies through pre- and post-360-degree assessments, and (d) return on investment of the business results achieved through team projects. The analyses revealed that the DPALP had an impact on individuals' learning, business awareness, leadership competencies, and solving of team and organizational issues. Further research and practice need to be accumulated to validate the effects of the DPALP in other settings. (Contains 6 tables and 1 figure.)