External Insulation Finishing System (EIFS) is a construction method suitable for achieving high energy-savings and thermal insulation performance of high-rise buildings. Despite the advantages, EIFS is not actively applied in building construction due to its reputation for flammability-related issues in Korea, especially since the recent fire accidents in EIFS-applied buildings imposed devastating costs upon the built environment. In response to the recent cases of fire, regulations related to fire performance of EIFS-applied buildings have been strengthened under the purpose of enhancing building resistance against fire. However, the revised ordinance is not inclusive of all appropriate measures against the fire spread mechanisms and sources of flame ignition in EIFS-applied buildings. Therefore, this study proposes an improvement of standards on fire safety performance most suitable for EIFS-applied high-rise buildings. The improvement has been proposed according to (1) standards on fire behavior of building materials and products, and (2) design of insulation board configurations for preventing fire spread. The results of the study are expected to contribute to increased operational and physical performance of buildings against fire, and further activation of an energy-saving construction method suitable for attaining sustainability of high-rise buildings.