This study aimed to explore and improve the different economic values of Pinus koraiensis (Siebold and Zucc.) by examining the variations in 6 growth traits and 9 physicochemical wood properties among 53 P. koraiensis half-sib families. Growth traits assessed included height, diameter at breast height, volume, degree of stem straightness, stem form, and branch number per node, while wood properties assessed included density, fiber length and width, fiber length to width ratio, and cellulose, hemicellulose, holocellulose, lignin, and ash contents. Except for degree of stem straightness and branch number per node, all other traits exhibited highly significant variations (P < 0.01) among families. The coefficients of variation ranged from 5.3 (stem form) to 66.7% (ash content), whereas, the heritability ranged from 0.136 (degree of stem straightness) to 0.962 (ash content). Significant correlations were observed among growth traits and wood physicochemical properties. Principal component analysis identified four distinct groups representing growth traits, wood chemical and physical properties, and stem form traits. Multi-trait comprehensive evaluation identified three groups of elite families based on breeding objectives, including rapid growth, improved timber production for building and furniture materials, and pulpwood production. These specific families should be used to establish new plantations.