Many researches on the necessity of cultural exchange between South Korea and North Korea have been made, and there is a social consultation on it. However, actual exchange activity was not active. In order to overcome the current condition, a change of research methodology is required. While researches till now have focused on the necessity of exchange, it is time to reevaluate the cases and its achievements and limitations in order to make a specified practice plan. This study aims to explore actual practical plan of exchange with reference to Hong Seok-Jung’s novel and movie directed by Jang Yun-Hyun based on the novel of Hong. Initially, the story value of Hwang Jin-Yi was examined. The results are as follows: first, she is a multi-dimensional character in terms of its interpretation, second, though she is a historic figure, he story belongs to fiction where imagination of authors can be exerted easily, and third, activities of her covers literature, music, dance and art which enables to describe multimedia expression. Based on the above values, analysis was carried out. Hong’s novel is valuable in that it ridicules the hypocrisy of the ruling class and creates a new character which can be explained with a trickster or clown. It is also noteworthy that this work contains rich narratives of history and customs. It plays a role in enriching the size of story, stressing the symbolic meaning and elevating atmosphere. To the contrary, the film by Jang did not have good results both in a box office and criticism. The reasons are as follows. It fails to express the new character which the original work created. Miscasting was also another reason for failure as the character was not properly expressed by actors. And, the dramatization is made focusing on episodes, which has a limit to embody the rich discourse of the original work. The cultural exchange utilizing Hwang Jin-Yi does not look successful. However, the attempt itself has a significant meaning as it proved that the literature of North Korea, which was undermined as an dependant of ideology, could be used as an original source of cultural contents. When more active exchange is made, multi-layer review of story value of the original work is made, applicable media and its character analysis is adopted, and introduction of refined expressing method is made, then, there will be a more successful cultural exchange between the South and the North.