This study aims at suggesting an alternative to improve flood controling capacity according to the cument design criteria for the existing Soyanggang Multi-purpose Dam which was constructed 20 years ago as the largest dam in Korea. The peak inflow of the adopted probable maximum flood (PMF) at the time of construction was 13,500 $m^3$/s. However, the newly estimated peak inflow of the PMF is 18,000 $m^3$/s which is 1.34 times bigger than the original one. This is considered to be due to the accumulation of the reliable flood and storm event records after construction, and due to the increasing tendency of the local flood peaks according to the influence of world-wide weather change. The new estimation of the probable maximum precipitation (PMP) was based on the hydro-meteorological method suggested by the guideline of the World Meteorological Organization (WMO). The unit hydrograph which was applied for the estimation of PMF was derived through linear programming algorithm by minimizing the sum of absolute deviations of the calculated and recorded flood hydrographs. In order to adopt the newly estimated PMF as a design flood, following four alternatives were compared : (1) allocation of more flood control space by lowering the normal high water level, (2) construction of a new spillway in addition to the existing spillway, (3) construction of a new dam which has relevant flood control storage at the upstream of the Soyanggang dam, (4) raising the existing dam crest. The preliminary evaluation of these alternatives resulted in that the second alternative is most economic and feasible. So as to stably cope with the newly estimated PMF by meeting all the current functions of the multipurpose dam, a detailed study of an additional spillway tunnel has to be followed.