We investigated the sensitivity of Korean streamflows to climate variation. Historical dam inflows and climate data for eight multi-purpose dam sites were collected and examined to determine key factors affecting streamflow change. The results show that annual streamflow primarily responds to change in precipitation rather than temperature. However, the combination of less precipitation and high temperature induces a more serious decrease in streamflow than does similar precipitation and with low temperature. This result indicates that Korean water resources could be more vulnerable to drought due to increasing temperature caused by global warming. To estimate spatial differences in climate sensitivity, we also calculated climate elasticity for 109 mid-size watersheds using streamflow simulated by the Precipitation Runoff Modeling System (PRMS). Climate elasticity ranges over 1.5~1.9, indicating that a +20% increase in annual precipitation leads to a +30~+38% increase in annual streamflow.