Abstract: Although South Korea’s financial policy accorded with its “excess-oriented economic growth strategy”, the policy was responsible for accumulation of financial risk factors and eventually leading to breaking out of financial crisis, to a great extent. However, it is not necessarily the factors of financial risk that lead to financial crisis. Enlightenment from South Korea’s financial crisis are as follows: sustainable and stable economic growth is the best choice to absorb in the factors of financial risk; prevention from financial risk should combine with the transition of economic growth model; clearance of financial property is the fundamental way out for decreasing the production of new financial risk factors; and it should adhere to the reform of financial indirect-regulation to realize financial liberalization.