On 2 October 2006, it was confirmed that South Korea would host a Formula One Grand Prix from 2010, with the race to be staged at a new permanent circuit to be built in Yeongam, in the South Jeolla province. A public-private company was established to promote the event, and the initial agreement with Formula One Management was for seven years with a five-year option — terms that, in theory, guaranteed the race until 2021.
Despite the formal announcement, the Korean Grand Prix did not appear on the early provisional 2010 calendars released by Formula One Management. The event was added to the calendar only after the funding for the circuit was confirmed, and it was given the date of 17 October on the 2010 calendar published by the FIA on 21 September 2009.
The Korea International Circuit was a challenging build, and organisers acknowledged that finding adequate accommodation for Formula One staff and spectators was their largest logistical problem ahead of the debut. The possibility of staging the race at night was also ruled out until the organisers had more experience running a Grand Prix.
Given the tight construction timeline, there remained a genuine risk that the circuit might not be completed in time for 2010. The FIA scheduled a final inspection on 11 October 2010, thirteen days before the race was due to begin. Race Director Charlie Whiting declared after the inspection that the event would go ahead, and the inaugural Korean Grand Prix was duly held.
In 2011, the Korean race organisers expressed significant dissatisfaction with the terms of their contract with Formula One Management, particularly regarding the size of the sanctioning fees they were required to pay. They sought to renegotiate with Bernie Ecclestone, the commercial rights holder. Ecclestone refused, stating that the initial negotiation had been difficult enough and that the organisers had been aware of the financial terms when they signed. He also warned that if the sanctioning fees could not be paid, the Korean Grand Prix would be removed from the calendar. The race remained on the final 2011 calendar.
After the 2012 Australian Grand Prix, the Korean promoters announced they had reached a revised deal with Formula One Management that would save approximately 20.5 million US dollars — around 23 billion Korean won — in costs. However, Kang Hyo-seok, the director of race organisation, publicly acknowledged that even with the revised deal the race was still too expensive for Korea, estimating a projected loss of around 26 million US dollars in 2012 alone. Despite the financial strain, the race went ahead in both 2012 and 2013.
The Korean Grand Prix appeared on a preliminary calendar for the 2014 season, but was omitted from the final version. This effectively ended the race after four editions. Attempts to revive it continued for some time: a calendar released in December 2014 gave the Korean Grand Prix a provisional slot in the early part of the 2015 season, moved forward from its previous late-season date in previous years. Ecclestone stated in December 2014 that the race had to appear on the 2015 calendar for contractual reasons, but that the local organisers were not keen on hosting it. The FIA subsequently removed it from the 2015 calendar after the organisers confirmed they did not wish to proceed. Plans to bring the race back in 2016 also came to nothing.
All four editions of the Korean Grand Prix were held at the Korea International Circuit in Yeongam. The race occupied a slot in the second half of the Formula One season calendar during its years of operation.
A separate Korean motorsport event, the Korea Super Prix, was a Formula Three race held annually in Korea between 1999 and 2003, predating the Formula One round.