South Korean agriculture has been based on small, labor intensive and owner-operated farms, and the agricultural market is considered to be vulnerable to the opening of global trade led by large-scale producers under new WTO rules. Smallholder farm households, which are very common in South Korea, usually maintain a portfolio of income sources, with off-farm income being a major component. Off-farm income affects the availability of cash to make on-farm investments (land, fertilizers and pesticide, and farm equipment), family living expenses—food security, and adoption of appropriate technologies. Using farm household level data from three surveys, this study assesses the impact of off-farm income on food consumption expenditures by South Korean farm households. Results suggest that by receiving off-farm income—or engaging in off-farm work—their food consumption expenditures increase by 0.07%. Furthermore, public subsidies received by farm households are used to increase food consumption. Findings here also suggest that both farm and off-farm incomes can contribute to better food security.