This article reviews research on moral hazard and adverse selection in insurance markets in South Korea. The study focuses on 30 related papers published in major insurance journals from 2000 to 2017. The research shows that studies on moral hazard outnumber those on adverse selection, with a shift towards empirical analysis rather than theoretical studies. Future research suggests expanding theoretical models to include dynamic aspects and considering models where both moral hazard and adverse selection coexist. It is still important to find models that can separate the effects of moral hazard and adverse selection in empirical analysis.