Wetlands are important in providing habitats for wild animals and plants, water quality improvements, flood control, temperature mitigation, recreation, and so forth. A Ramsar convention was established to conserve this valuable natural resources at an international level. Republic of Korea joined the convention in 1997 and will host the 10th Ramsar Convention Meeting of the Parties at Woopo wetland, Kyungsangnamdo in October, 2008. Since wetlands had been either drained or reclaimed for the purposes of agriculture, aquaculture, industry, recreation, building roads, highways and railways for a long time, there are not many natural wetlands remained until these days. In order to cope with this wetlands issue, the developed countries such as U.S.A., Canada and Netherlands enforce the "No Net Loss of Wetlands Policy" since 1980’s. The "No Net Loss" of Wetland Policy" means that wetlands should be conserved wherever possible, and that acres of wetlands converted to other uses must be offset through restoration and creation of wetlands, maintaining or increasing the wetland resource base. In order to achieve this goal, wetland mitigation banks have played a major role in compensatory mitigation of wetlands. In this study, we present the comparative analysis of recent wetland legislations and policies of Korea regarding wetland conservation. Current status of wetlands and emerging issues are also provided. The "No Net Loss of Wetlands Policy" and wetland mitigation banking system, a key research goal of this study, were analysed intensively in a manner that whether Korea should adopt the policy and system in the future to avoid, minimize, and compensate the impacts from wetland loss.