In this paper, we propose a hybrid acoustic and pronunciation model adaptation method based on context dependency for Korean-English speech recognition. The proposed method is performed as follows. First, in order to derive pronunciation variant rules, an n-best phoneme sequence is obtained by phone recognition. Second, we decompose each rule into a context independent (CI) or a context dependent (CD) one. To this end, it is assumed that a different phoneme structure between Korean and English makes CI pronunciation variabilities while coarticulation effects are related to CD pronunciation variabilities. Finally, we perform an acoustic model adaptation and a pronunciation model adaptation for CI and CD pronunciation variabilities, respectively. It is shown from the Korean-English speech recognition experiments that the average word error rate (WER) is decreased by 36.0% when compared to the baseline that does not include any adaptation. In addition, the proposed method has a lower average WER than either the acoustic model adaptation or the pronunciation model adaptation.