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In June 2004, the International Cataloguing Standards Committee designated South Korea as one of the Part III countries, and decided to add seven Korean Grade Races to the Blue Book list, starting from 2005.

Korea held the 30th Asian Racing Conference in May 2005.

In an effort to raise the country's racing quality and to promote horse racing nationwide, KRA started the construction of a new thoroughbred racecourse in Busan, the second largest city in South Korea. The grand opening of the racecourse was in April 2005

To clear the roles in horse racing, KRA changed its name from Korea Racing Association to Korea Racing Authority. Jangsu Stud Farm & Training Center opened in 2007.

The Horse Industry Promotion Act was enacted in 2011.

As part of the efforts to preserve the ponies native to Jeju Island, which has been designated as Natural Monument No. 347, KRA began the construction of the 180-acre Jeju Racecourse at the foot of Mt. Halla in October 1987. Three years later, in October 1990, the racecourse opened for pony racing.

KRA opened Jeju Stud Farm & Training Center in September 1995, and completed the first systematic breeding and training equipment in South Korea.

Pari-mutuel bets were tallied manually until 1984. The inefficient management of the pari-mutuel betting system was a major stumbling block to broadening the fan base of Korean horse racing.

To overcome this fundamental obstacle, a computerized pari-mutuel betting system was established in 1984, and at the same time, horse racing came to be televised in color, both on and off-course. These two measures played a decisive role in boosting the attendance and turnover. For instance, in 1984, the turnover and attendance increased to 67% and 58%, respectively, from the previous year.

To form a link in the chain of the program so as to make the most of the Olympic facilities, the government designated KRA as the organization that was exclusively responsible for constructing the Olympic Equestrian Park. Accordingly, KRA secured 280 acres of land in the Gwacheon area, the southern outskirts of Seoul, and began the construction of the park in 1984.

After the Olympics, the Olympic Equestrian Park was converted into a racing facility named "Seoul Racecourse," and the first race in such facility was held on September 1, 1989. With the opening of the Seoul Racecourse, the 36-year-long era of the Ttukseom Racecourse came to an end, and the nation's horse racing continued to make great strides.

The enactment of the Korea Racing Association Law in 1962 provided a legal basis to Korean horse racing.

The Korean War, however, which broke out in 1950, resulted in great turmoil for the Korean society, thus undermining the development of horse racing. Worse yet, during the three-year war, racecourses were used for military training and horse racing came to an abrupt halt.

To keep the tradition of horse racing alive, KRA worked out a plan to reestablish the racecourse at Ttukseom in Seoul. The construction, which began during the war, was completed in May 1954. Thanks to KRA's dedication, horse racing resumed in South Korea, and the newly constructed Ttukseom racecourse served as the hub of Korean horse racing until it was relocated to the modern racecourse in Gwacheon in 1989.

The governmental regulatory body, Joseon Racing Association was established in 1942.

Later, in 1949, Joseon Racing Association was renamed "Korea Racing Association(KRA)", and efforts were made to restore the national identity in relation to horse racing.

Finally, in 1933, a decree on horse racing was promulgated. Under the decree, only incorporated racing clubs were allowed to conduct horse racing. Joseon Horse Racing Association(non-governmental) was also established in 1933 to coordinate and control the incorporated racing clubs across the nation and to ensure consistency in their administration.

It was in the 1920s that "modern horse racing", involving a betting system, made its debut. In 1922, Joseon Racing Club, the nation's first-ever authorized horse racing club, was established to make horse racing more systematic and better organized.

Later, in 1949, Joseon Racing Association was renamed "Korea Racing Association(KRA)", and efforts were made to restore the national identity in relation to horse racing.

In April 1914, the first race meeting in the country that was open to the public was held. The races, however, were for entertainment purposes only. No betting was conducted.

Horse racing in Korea traces back to May 1898, when a foreign-language institute run by the government held a donkey race on its sports day.