Korea is the only one country becoming a donor country from a recipient country in the world. Korea is still making efforts to improve the quality and quantity of its Official Development Assistance (hereafter ODA). Korea is also the only one divided country in the world. As a way to prepare for the unification between the two Koreas, South Korean government established the ‘Inter-Korean Cooperation Fund’ (hereafter IKCF) in 1990. The fund is under the ‘South-North Korea Cooperation Fund Law’ only to promote mutual understanding and socioeconomic interaction between North and South Korea. In this study we compared the IKCF with Korea’s ODA in order to analyze the possibility of integration of the IKCF into ODA based on the operational principles, legal framework, strategies and institutional systems. We also examined both the similarities and differences between the ODA and the IKCF. Both North and South Korea should be changed in order to integrate the IKCF into ODA in South Korea. It seems to be quite difficult to see the changes in both Koreas. As an alternative to improve the efficiency in the operation of the IKCF was the gradual integration of the IKCF into ODA. This means that some humanitarian IKCF projects should be firstly included in ODA. And step by step more IKCF projects including non-humanitarian projects should be include in ODA.