The article studies the history of the formation and features of the functioning of social policy in the Republic of Korea in the 20th-21st centuries. It examines the emergence of rules for social insurance, social support, assistance to the needy, unemployment insurance and employment promotion, the role of state redistribution and regulation. The principles of the pension system organisation are analyzed. The development of the health care system is studied. Korea's experience in the field of demographic policy, the effectiveness of family benefit programs are analyzed, and the key problems causing the decline in the birth rate in the country below the replacement level are assessed. The organization of social policy in Korea and other developed countries is compared, as well as approaches to determine the place of the Korean social policy system in established typologies. The social policy system in Korea is noticeably behind European welfare states, especially in terms of pension provision. The health care system in Korea is not inferior to European ones in terms of technical equipment and quality of services. In terms of population health indicators, Korea is one of the world leaders with relatively low health care costs. But from a financial and administrative point of view, Korea is characterized by a greater burden on consumers than European countries. The consensus among researchers regarding the reasons for the decline in the birth rate is that raising children in Korea in the 21st century has become an unbearable financial burden. Significant resources are spent on demographic programs in Korea, but they do not bring noticeable benefits, since the decline in the birth rate does not stop. The education system in Korea is one of the best in the world.