This study aims to empirically verify the impact of the Korean Wave (Hallyu) in China on Korean brand image. Specifically, the study proposes and tests the hypothesis that the effect of Hallyu on Korean brand image occurs through advertising utilizing Hallyu stars as well as through the favorable national image formed by Hallyu. Furthermore, Hallyu was disaggregated into favorability toward Korean TV dramas and favorability toward Hallyu stars for examination. For the empirical analysis, a survey was conducted on Korean cosmetics brands using a sample of 181 female graduate students in Beijing. The results confirmed that Hallyu has a positive effect on Korean brand image through enhancing national image and through Hallyu star advertising. A more interesting finding was that the effect through national image enhancement was greater than the effect through Hallyu star advertising. Simultaneously, the effect of Hallyu star favorability was found to be greater than that of TV drama favorability. These results suggest that Hallyu positively influences Korean brand image through national image improvement even without direct Hallyu marketing support, and that to maximize the effects of Hallyu, the development and support of Hallyu stars is necessary.