In this study I examine the challenges faced by Korean higher education, such as decline in school-aged population, widening education gaps, the transition to the 4th industrial revolution, and the spread of the novel coronavirus infection (COVID-19), and provide an overview of possible solutions. First, I explore the background, processes, and legacies of higher education in Korea that have hitherto been devoted to selection and discrimination, and discuss ways to set off on a new path in response to declining school-age population. Next, I examine the current state of education gaps between classes at the higher education level, which have emerged as a serious social problem, and based on this, suggest ways to alleviate the inheritance of wealth and social status through education. In addition, I discuss the implications of the transition to the 4th industrial revolution and the tasks that it has given to higher education in Korea. I delve into the challenges and implications of the spread of the new coronavirus infection (COVID-19), which has recently hit the global village, as well. Based on the discussion, I suggest that Korean higher education should strive to ensure the diversity of enrolled students, expand the subject and scope of lifelong education, and appropriately prepare for the marketization of higher education that the universalization of online education will bring.