The purpose of this paper is to extract DEM (Digital Elevation Model) using KOMPSAT images. DEM extraction consists of three parts. First part is the modeling of satellite position and attitude, second part is the matching of two images to find corresponding points of them and third part is to calculate the elevation of each point by using the result of the first and second part. The position and attitude modeling of satellite is processed by using GCPs. Area based matching method is used to find the corresponding points between the stereo satellite images. The elevation of each point is calculated using the exterior orientation information obtained from sensor modeling and the disparity from the stereo matching. In experiment, the KOMPSAT images, 2592$ imes$2796 panchromatic images are used to extract DEM. The experiment result show the DEM using KOMPSAT images.