The purpose of this paper is to estimate economic value of multi-functionality roles including landscape and so on, which grassland in Jeju possesses, using Dichotomous Choice Contingent Valuation Method (DC-CVM). Grassland is life cultural heritance of regional residents in Jeju. It has functions like development of favorable landscapes, maintenance of cultural heritage, and recreation/relaxation. Expectation from regional visitors shows that the existence and inheritance value of grassland is higher than we expected. According to the research that we had done from the people that had agreed to contribute grassland. moreover the public commercial value of grassland was not only $397{sim}419$ billion won but also it will increase an economic gain in every year in Jeju. Therefore, preserving grassland that has multi-functional roles and values can lead to huge economic value in the future in Jeju. Moreover, farm households which are located in the grassland conservation area would be supported $15{sim}31$ billion won in every year for grassland conservation but it is only $4{sim}8%$ of the economic value of grassland i.e. $3,971{sim}4190$ billion won. Thus, grassland preservation policy and plan can raise green-tour commercial value of Jeju area as a long-term inside measurement. Those will have to be propelled continuously.