After the World Wide Web in 1990s and the mobile internet in 2000s, we are gradually moving towards one of the potentially most distinct phase of internet revolution--The "Internet of Things (IoT)". IoT is an emerging concept, based on the convergence of legacy technologies, like RFID, WSN and smart objects, for connecting billions of "things". Such a massive connectivity generates a huge data for analysis, processing, mining and storage . Moreover, the inherent heterogeneity of IoT is also raising significant technical and application challenges. Many countries are innovating and adapting IoT for the development of the country's economy. Korea, being a digitally advanced country, is already ranked second in "suitability of preparedness for IoT opportunities". In this paper, we first mention the vision, capabilities and status of IoT. Next, we discuss the architectural requirements and popular global IoT projects. Subsequently, we review the history, research plans and applications of Korean IoT. Finally, our work concludes with a list of major open issues and challenges faced by the Korean IoT industry with pointers to possible solutions.