The purpose of this study was to develop and validate the Korean version of Value Orientation Inventory (VOI-2; Ennis & Chen, 1993). A total of 236 (74 females and 162 males) participants were randomly selected from middle and high school physical education teachers and college and university instructors to develop and validate the Korean version of VOI-2. The original VOI-2 was translated into Korean by five physical education professors, three inservice physical education teachers, and five physical education doctoral students in accordance with the conceptual and methodological considerations for questionnaire validations (Kim & Gill, 1997; Pelletier, Fortier, Vallerand, Tuson, Briere, & Blais, 1995). Exploratory factor analysis (EFA) revealed that the original VOI-2 consisting of five factors with 90 items was reconstructed into four factors with 34 items. Based on the results from EFA analysis, the ecological integration factor was excluded. Cronbach's alpha coefficients for disciplinary mastery, learning process, self-actualization, and social reconstruction were .88, .91, .89 and .84, respectively (p< .001). Using the four factors with 34 items, confirmatory factor analysis (CFA) revealed an adequate fit of the four-factor model of the Korean version of VOI-2 (Χ2=903.51, df = 521, Χ2 /df = 1.73, p< .001, GFI = .82, CFI = .84, RMSEA = .05). Similar to Mathew and Geoffrey's study (2000), a cross-culturally validated Korean version of VOI-2 recommended that some caution be warranted in using an original questionnaire for different cultures, contexts, and physical education curriculum. However, the Korean version of VOI-2 was found a valuable asset for future comparison and evaluation of teachers' value orientation in physical education across the world.