This study classifies the growth characteristics of Korean firms by corporate life cycle stages using the variables of sales growth rate, tangible asset growth rate, and employee growth rate, and aims to demonstrate that the relative value relevance of accounting earnings and cash flows from operating activities is differentially reflected in firm value at each life cycle stage. Empirical analysis was conducted on a total of 2,749 observations consisting of 2,370 observations from 261 firms listed on the Korea Stock Exchange and 379 observations from 105 firms listed on the KOSDAQ market from 1994 to 2003. The research findings can be summarized as follows. Over the entire sample period, there was no difference in value relevance between accounting earnings and cash flows from operating activities. First, in the growth stage, due to rapid increases in accounting earnings leading to significant fluctuations in operating activities, the magnitude of accruals becomes large, and cash flows from operating activities can be affected by timing and matching problems; therefore, it was predicted that accounting earnings would have greater value relevance than cash flows from operating activities. The results were in the predicted direction but were not statistically significant. Second, in the maturity stage, as the firm's revenue structure gains stability and the persistence of accounting earnings increases, both accounting earnings and cash flows from operating activities have higher explanatory power for stock prices; thus, it was predicted that there would be no difference in value relevance, and the results supported this hypothesis. Third, in the decline stage, it was predicted that cash flows from operating activities would have greater value relevance than accounting earnings, and while the direction was as predicted, the results were not statistically significant. These results indicate that accounting earnings do not uniformly have greater value relevance than cash flows from operating activities; rather, accounting earnings and cash flows from operating activities are evaluated differently depending on the life cycle stage.