Using 2004 Household Income & Expenditure Survey, this study investigated difference in consumption pattern among the households with the different number of children, and estimated the monetary cost of rearing children. The findings were as following. First, the major consumption categories for raising children included the expenditures for education, food materials, utility, health, and communication. Second, the potential consumption needs for clothing & foot ware and culture & entertainment were not fully satisfied for the households with children compared to the households without children. Third, in the households with one child, the level of consumption was about two thirds of that in the households without children. It was slightly above half in the households with two children. Lower consumption level of the households with children was mainly due to the burden of the educational expenditure. Forth, the average monthly cost of raising children was estimated by 680 thousands Won for one child, and 104 thousand Won for two children. Lastly, the implications for the fertility policy and the methods for the estimation of the child cost were suggested based on the results.