The present study purposed to examine the folktale-like characteristics of story 'A Woodcutter and A Fairy' and to clarify the subjects of the story. 'A Woodcutter and A Fairy' is a story that has been handed down through long history and records on the story are found in many literatures. Moreover, research on the story began quite early and has produced a lot of results. Previous researches on the story were mainly carried out in the background of the mythological characteristics of the story in the view that the story originated from a myth. Recently there have been reports on 'A Woodcutter and A Fairy' found in Manchuria, Mongolia and the Baikal region and as a result comparative literary research has been in progress. The author agrees that the story originated from a myth but maintains that 'A Woodcutter and A Fairy' handed down in Korea since it was imported to the country is more folktale than a myth. Moreover, this study inquires into the subjects of the story by classifying the variations of the story into three types and closely examining each type of stories. The story is composed of 11 paragraphs. Type A is composed of Paragraph 1 through 5. In the structural aspect, Type A is closest to a myth. The contents, however, is more folktale-like than mythological. The subject of Type A is 'the dream and hope of men' and the dream does not come true. Type B is composed of Paragraph 1 through 9. Type B is clearly the expansion of 'a favor-repayment story' and a 'happy ending' folktale. The subject of Type B is also 'the dream and hope of men' and even female storytellers agree with 'happy ending', admitting the weight of time of giving birth to children and living together. Type C is composed to Paragraph 1 through 11. In Type C the mother-in-law suddenly appears, who has never been mentioned before and the story develops into conflict between the mother-in-law and the daughter-in-law over the woodcutter, displaying the true nature of marriage life. The subject of Type C is also 'the dream and happiness of men' but showing that how difficult it is to attain the dream and happiness. The development of the story into Type C may be a sign that submerged sense of feminism began to surface slowly. If 'A Woodcutter and A Fairy' is told to children it becomes a fairy tale, giving lessons such as 'Keep appointments in time' and 'Do good to be blessed.' Even today the story of 'A Woodcutter and A Fairy' is being parodied, which is related to the diversity of meanings contained in the story as well as the enduring life of folklore.