Nowadays many countries in the world have been implementing TQM which is originated from Japanese management style. There are many research results that TQM has a positive influences on business results. But the levels of implementing TQM are different by countries. The domestic competitors and the customers, who have the great influences on business results are also quite different. Therefore the levels of TQM in some company and the influences of TQM factors on business results are supposed to be different by countries. The situations of the countries lying on the more developed stage will be a good benchmarks for the countries on following stages. There are few researches on this cross countries analysis. This paper do the empirical study on the effects of TQM factors on business results between Korean and Japanese small or medium sized manufacturing companies. First, the levels of TQM are compared between countries. Second, what key success factors among TQM ones are for business success is analyzed for each country and compared between two countries. This study will help to plan the road maps in TQM journey for the Korean companies.