A main purpose of this paper is to investigate from which the competitive advantage of Korean cultural content came and understand how sustainable it is in the global market. Based on the case study of Korean drama Industry, the paper attempts to identify competitiveness of Korean cultural content and desirable strategies for internationalization. In order to achieve these objectives, first, it analyses success factors of recent killer content in the drama industry. Second, based on the diamond model of Michael Porter and the resource-based view, it analyses competitive advantage of Korean drama industry and distinctive competence of drama content in the global market respectively. Third, it classifies drama cases which have produced jointly and entered the Chinese market since 2002. Lastly. we discuss about the desirable direction for the internalization of Korean drama content.