This study comparatively analyzed the determinants of Korea's foreign direct investment inflows and outflows (FDI inflows and outflows) using industry-level data. As a methodology, regression analysis was conducted based on six years of time-series data from 1989 to 1994 for nine manufacturing industries classified according to the two-digit Standard Industrial Classification. The regression analysis using seven independent variables representing industrial characteristics (technology intensity, product differentiation, capital intensity, economies of scale, general management and production skills, labor intensity, and industry size) revealed that the determinants of Korea's FDI inflows and outflows differed from each other. In the case of inflows, the results did not differ significantly from those of prior studies analyzing advanced multinational corporations—that is, the investment tendency was to secure markets by leveraging monopolistic advantages such as high technological levels and economies of scale. In contrast, for outflows, industries exhibiting comparative disadvantages in such monopolistic advantages showed more active foreign direct investment. Specifically, industries with low product differentiation and low capital intensity were found to pursue more active overseas expansion. This fact implies that the competitive advantages of Korean firms differ from those of advanced multinational corporations, and identifying specifically what those advantages are remains a task for future research.