This study is to examine the economic effects of seaweed forest creation project in the case of Jeju Woodo Seokwang－ri. Seaweed forest creation project will raise up the quality and quantity of coastal fisheries resource and improve the structure of coastal ecosystem as a project the recovery of coastal fisheries resource against barren ground like whitening event. The economic effect by seaweed forest creation project can be found not only in the income increase of fishermen but also in reduction of carbon dioxide. The results of this study are summarized as follows: First, the income increase effect of fishermen has economic value of 26,945 thousand won under a 30-year cash flow based on a 8.5% discount rate. This suggests that the seaweed forest creation project increases income of fishermen. Second, the reduction effect of carbon dioxide has economic value of 1,083 thousand won per year. This indicates that the seaweed forest creation project reduces carbon dioxide. In conclusion, the results of this study suggest the seaweed forest creation project has economic value in the case of Jeju Woodo Seokwang-ri.