This paper scrutinizes the aging phenomenon of farm households in South Korea with a foucs on its effect on household income. We investigate the characteristics of aging farm households in terms of the size and composition of household income. We also investigate the nexus between aging and income polarization. Census of Agriculture, Forestry and Fisheries (2000, 2010) and Farm Household Economy Survey (2003~2010) data are applied. The major findings are as follows. First, with the rapid aging of Korean farm households, old-age households tend to be occupied by petty farmers who cultivate paddy fields. Second, old-age farm households earn much less farm income - both total income and income per 10a - than middle-aged farm households. Third, old-age farm households earn low average household income with extensive income polarization. A gap in non-farm income chiefly contributes to polarization. The findings suggest a need for a customized strategy designed to enhance the overall productivity of old-age farmers while securing the income of low-income older-age farm households.