The article describes most important statements and actions of officials, experts and media of both Korean states within the escalation of the situation around Taiwan in summer and autumn 2022, as well as proposes perspectives of foreign policy of North and South Korea in case the conflict is escalated further. North Korea sees the Taiwan issue solely as an internal Chinese affair, and to Pyongyang, the US intervention is an attempt to destabilize the international situation. Seoul, being both a military and political ally of the United States and a major trading partner of the People’s Republic of China, is trying not to anger any of the two great powers. South Korean experts fear that in the event of a military conflict between the US and China, Seoul would not be able to stay neutral. Seoul also does not exclude North Korea taking advantage of the US-PRC conflict and escalating the situation on the peninsula. In this turn of events, the risk of turning the Korean peninsula into a flashpoint is extremely high.