This study aims to evaluate the effects of Korean rice policies by using the Policy Evaluation Model that has been developed by the OECD and then to suggest new directions of rice policies for the future. For these purposes, this study analyzes the effects of rice policies such as market price support and various direct payments on economic costs and concerned parties including taxpayers, consumers, farm households, input suppliers, and the government. From the analyzed results, it is necessary to review and rearrange the current direct payments for the income stabilization of farm households.