This study constructs quantity and price indices of Korean agriculture for the period 1971-2013, to estimate the change in total factor productivity (TFP) and identify its sources. Inputs are aggregated into capital (K), labor (L), land (A) and intermediate inputs (M). Constructed indices show that there were three stages of productivity change: the stage of high output and input growth rates (1971∼1986), the stage of low output and almost zero input growth rates (1987∼1997), and the stage of negative input and output growth rates (2000∼2013). Average TFP growth rate substantially declined in the 3rd stage. Our econometric analysis identifies three sources of productivity change: technical change, scale effect and factor-biasedness. Technical change is the largest source of TFP growth that occurred in the 2nd and 3rd stages. Scale effect was also a substantial source of productivity change because the technology exhibits increasing returns to scale. It is found that factor-biasedness also affected productivity change, but its overall impact is negative.