The terms in which ''political party institutionalization'' is theoriz
ed remain vague because recent studies do not adequately address the p
roblem of how to measure ''party institutionalization'' in developing
countries. The aint of this paper is to build a theory using specific
indicators to measure the trend of political pal ty institutionalizati
on and to apply it to South Korea as one example of developing nations
. Political party institutionalization is a multifaceted concept to be
simultaneously tested by functional characteristics and organizationa
l characteristics. In order to investigate both characteristics, the p
aper will investigate three dimensions in evaluating the trend of poli
tical party institutionalization: the electorate, the organization, an
d the legislative process. Given the results of theoretical applicatio
n and empirical investigation, the trend toward political party instit
utionalization in South Korea is found to be a positive one.