The special treatment of rice import in Korea called to the Minimum Market Access (MMA) will be extended for the next 10 years. Korea was allowed to import rice by the MMA as a kind of quota system from 1995 to 2004 in the Uruguay Round Agreement of Agriculture. According to UR agreement on agriculture, Korea negotiated with nine countries to extend the special treatment of rice and its revised Country Schedule (CS) was approved by WTO. The objectives of this study are: (1) to describe the importance of the Korean rice economy, (2) to review the results of rice negotiation, (3) to analyze the impact of the rice negotiation on rice sector, (4) to discuss dilemmas and challenges of Korean rice economy after the rice negotiation. According to the simulation results of the rice negotiation, Korean rice economy would fall into severe excess supply problem and accumulate huge inventory in the near future since production sector would be highly protected under the MMA system. Unless Korea would prepare everything to increase rice consumption for food and processing, the special treatment might be diverted to tariffication at a heavy cost before 2014, the end year of the extension period as Japan and Taiwan did.