As a method of reviewing the design of new fairways and the redesign of existing fairways, we proposed a fairway design plan based on the collision and grounding probability, considering vessel traffic. A case study was conducted on the four traffic separation schemes (TSS) on the southern coast, which is the most complex coast among Korean coastal waters. The evaluation items of Korea’s Maritime Traffic Safety Assessment Scheme, the PIANC Guide, and the Port and Fishing Port Design Standards were all satisfied; however, some fairways had very high ship congestion at specific times, exceeding the fairway capacity. For each target fairway, the collision risk using the environmental stress (ES) model and the grounding risk using the IWRAP Mk II Model were analyzed. The grounding risk was found to be equally good, but the aggregation environmental stress (ESA) value, according to the ES model, was high in three fairways. The widths of the three fairways with high risk were partially expanded, and, thus, were re-evaluated. The overall ESA was reduced, and the psychological burden of operators due to the marine environment, such as the fairways, was significantly eased. Based on the results of this study, it would be beneficial to apply a design scheme using collision and stranded risk models when designing new fairways or reviewing existing fairways. An appropriate fairway design plan is prepared that, through further research using various evaluation models and techniques, could be useful in coastal waters in the future.