This study explains the reasons that the regulatory reform for vitalizing the export of higher education in South Korea have failed to produce expected effects. The study finds the main reason in the imperfectness of the regulatory reform. The reform of the rule regarding the establishment and operations of universities allowed domestic universities to obtain foreign facilities and establish foreign campuses. However, other laws, rules, and guidances still make the reform ineffective. This finding suggests that, in order to vitalize the overseas expansion of higher education, it is essential to reform the related regulations in a consistent way.