In 2006, total fertility rate in Korea was 1.10, which was the lowest level in the world, and the aged population, over 65 years old, accounts for 9.3% of total population. Regarding these facts, countermeasures for this low fertility and aging society becomes critical policy agenda. In order to cope with this situation, Korean government has been working on the first master plan for the low fertility and aging society composing of 236 programs of 12 departments since Sep. 2006. About 33,082.600 billion won will have been spent for five years from then (2006~2010) for this plan, and, in 2007, 5,896.6 billion won approximately will be spent. This analysis aims to provide political implications necessary for the National Assembly to prepare the alternatives, reviewing the limitations critically, and investigating the features and the financial conditions of this master plan.