This study analyzes the livestock industry participant perception of meat auction markets and factors affecting the perception. It was revealed that livestock industry participants generally show positive perceptions about both the necessity and the function of price determination of auction markets. More positive perceptions are detected in Hanwoo market than in Handon market. The generalized ordered logit regression analysis shows that demographic and industry-related factors, such as the type of the participants, the frequencies of using auction markets, the duration of participation, etc, affect these perceptions in Hanwoo and Handon markets differently. For example, both auctioneers and farmers in Hanwoo industry significantly recognize the necessity of auction market, but physical distance from the Eumsung auction market affects the participant perception of auction market in Handon industry. Similar trend is also repeated for the function of price determination of auction markets. The results of the study indicate that improvement plans for auction markets must be differently approached for these markets.