The policy evaluation of the Four Major Rivers Restoration Project (FMRRP) is an ongoing process. This study provides an overview of the FMRRP and its short-long term evaluations in terms of economic and environmental effects. First, I an outline of the main policy goals, process, and current evaluation of the project is elaborated. Second, Korea's water resource management policy trend and its relationship with the FMRRP is provided. Lastly, central features of the most recently enacted Framework Act on Water Management is provided, along with suggestions for establishing a long-term effective water resource management governance system. Even now, the initial stage of enforcement of the Framework Act on Water Management, I would like to emphasize that the process of deliberation and discourse at the social system level should be continued to establish an integrated watershed management system taking into consideration of water ecosystems.