This study was carried out to estimate the variance components, heritability, and genetic correlations between the carcass traits and primal cut yields in Hanwoo cattle. Carcass traits comprising 5622 records included back fat thickness (BFT), carcass weight (CW), eye muscle area (EMA), and marbling score (MS). The 10 primal cut yields from 3467 Hanwoo steers included the tenderloin (TLN), sirloin (SLN), striploin (STLN), chuck (CHK), brisket (BSK), top round (TRD), bottom round (BRD), rib (RB), shank (SK), and flank (FK). In addition, three composite traits were formed by combining primal cut yields as novel traits according to consumer preferences and market price: high-value cuts (HVC), medium-value cuts (MVC), and low-value cuts (LVC). Heritability estimates for the interest of traits were moderate to high, ranging from 0.21 ± 0.04 for CHK to 0.59 ± 0.05 for MS. Except genetic correlations between RB and other primal cut traits, favorable and moderate to high correlations were observed among the yields of primal cut that ranged from 0.38 ± 0.14 (CHK and FK) to 0.93 ± 0.01 (TRD and BRD). Moreover, the estimated genetic correlations of CW and EMA with primal cut yields and three composite traits were positive and moderate to strong, except for BFT, which was negative. These results indicate that genetic progress can be achieved for all traits, and selection to increase the yields of primal cuts can lead to considerable profitability in the Hanwoo beef industry.