South Korean conglomerates play a crucial role regardless in "Han River Miracle" or economic crisis. As a small-sized country, South Korean economy has achieved a great development during the 30 years after “Second World War”, including creating “Han River Miracle” and succeeding in joining the list of developed countries. During this period, many well-known international enterprises such as Samsung, HYUNDAI, LG, POSCO, etc has emerged. These huge international enterprises are the so called South Korean Chaebol or conglomerates that have supported South Korean economy but also exposed great issues during the Asian financial crisis. Thus, there is a need to carry out reform on these conglomerates. The development and transformation of South Korean conglomerates serve as a good reference to China.