This paper measures economic impact of climate change on crop farming in Korea. Using cross-sectional data on climate, soil, farmland prices, and other economic and geophysical data, we employ a Ricardian approach to measure the relationship between climate and the farmland value. The study carries out a marginal impact analysis of increasing temperature and changing precipitation. The empirical analysis reveals that a rise of 1℃ in the annual average temperature (12.4℃) brought down the price of farmland per ha by approximately KRW 14.5~19.2 million, equivalent to a 5.7~7.5% drop in the average farmland price. On the other hand, an increase of 1㎜ in the monthly average precipitation (110.8㎜) was estimated to increase the farmland price per ha by KRW 330~360 thousand. In general, the results show that the temperature component of global warming is much important than precipitation. Findings call for monitoring and early warning system of climate change and dissemination of information to farmers to encourage adaptations to climate change.