This study proposes proper forms of empirical formulas for the concentration time and storage coefficient based on their theoretical backgrounds and evaluates several existing empirical formulas by comparing them with the formula proposed in this study. Additionally, empirical formulas for the concentration time and storage coefficient of the Chungju Dam basin were derived using the forms proposed by considering their theoretical backgrounds, and compared with exiting empirical formulas. The results derived are summarized as follows. (1) The concentration time of a basin is proportional to the square of the main channel length, but inversely proportional to the channel slope, as the flood flow is generally turbulent. (2) The storage coefficient is proportional to the concentration time. (3) The comparison results with existing empirical formulas for the concentration time indicates that the empirical formulas like the Kirpich, Kraven (I), Kraven (II), California DoT, Kerby, SCS, and Morgali & Linsley are in line with the form proposed in this study. Among existing empirical formulas for the storage coefficient, the Clak, Russell, Sabol and Jung are found to be well matched to this study. (4) The application results to Chungju Dam basin indicates that among empirical formulas for the concentration time, the Jung, Yoon, Kraven (I), and Kraven (II) show relatively similar results to the observed in this study, but the Rziha shows abnormal results. Among the empirical formulas for the storage coefficient, the Yoon and Hong, Jung, Lee, and Yoon show somewhat reasonable results, but the Sabol shows abnormal results. In conclusion, the empirical formulas for the concentration time and storage coefficient developed in Korea are found to reflect the basin characteristics of Korea better.