Development cooperation is usually conducted in the form of development consulting. This study aims to examine the feasibility of and to explore policy measures for the vitalization of development consulting industry in Korea. Based on a literature survey on related topics, we applied the methodology of international comparative analysis, and the method of in-depth discussion with experts in development cooperation and economic policy issues. We conducted a status analysis and examined the possibility of the potential competitiveness of the development consulting industry, which showed that although the competitiveness of the industry was very weak, its potentiality was great for various reasons. Having reviewed the possible benefits of the industry, we found that its vitalization would not only upgrade the aid effectiveness of Korea, but also contribute to the creation of good jobs, and the foundation of economic security and business opportunities in Korea. Then, we explored various policy schemes for the vitalization of the industry. Strategies for its vitalization were examined, and various policy measures were proposed, including programs for fostering professional development consultants and policies for the improvement of aid service procurement. With more than 30 years of development aid in Korea, the revitalization of the development consulting industry, which is the key to improving aid effectiveness, is an urgent task of the times.