The hardship of Korean agriculture has been increased due to market opening such as WTO negotiations, FTAs, and global financial crisis. Even though government subsidies and farmers’ voluntary efforts have increased farm assets, production and farm household income; however, farm income did not grow proportionally. Farm financial analysis helps to identify farm problems and also to find solutions. This study analyzes financial performance, Du-Pont analysis and structural changes of farm economy using various financial indicators since 1990. The objective of this study is to analyze how the farm financial structure in Korea has changed after experiencing agricultural market openings and the global financial crisis. This study finds that theROE of farm economy has been steadily decreasing. The decline of profitability is the main cause of declining of net profit margin in farm economy. In addition, the ratio of asset to equity has decreased since the mid-2000s. As a result, farm investment has been shrinking and would hurt the future potential growth of farm economy.