This paper examines the relation between intangible folk heritage, especially ‘holders’ of crafts and skills, and museums. The case-study country will be the Republic of Korea (ROK) with focus on one of the sole museurns in Korea that began preserving intangible folk heritage in the early 1970s, the Korean Folk Village. Essential elements to be examined in this paper are: how the Korean Folk Village has evolved in preserving intangible folk heritage in the Republic of Korea; the strengths, weaknesses and challenges faced by the Korean Folk Village in preserving intangible folk heritage; the Korean National Commission for UNESCO’s system for preservation, management, and communication of intangible folk heritage, whlch is called, “Living Hurnan Treasures" the application of thls system in the Korean Folk Village; other outlets viable for the future of ROK museurns and intangible folk heritage.