Extreme environments and freak wave characteristics in the coastal waters of Korean Peninsula are analyzed using the observed wave data. Freak wave has been intensely emphasized as an important environmental force parameter in several recent research works. However, the mechanism and occurrence probability of freak wave are not clarified. The aims of this study we: to summarize the distribution of extreme environment for wind waves, and to find occurrence probability of freak wave in the coastal waters of Korean Peninsula. These extreme sea conditions are discussed by applying extreme value analysis method, and the statistic characteristics are summarized which can be used to the design and analysis of coastal structures. The mechanism and the occurrence probability of freak wave are also discussed in detail using wave parameters in considered with wave deformation in the coastal waters. Key Words : extreme wave, freak wave, extreme analysis, design wave, probability density.