There is still no consensus on the concepts of regional innovation systems (RIS), clusters, and the relationship between them. This has caused a lack of comprehensive and integrated policies aimed at enhancing the level of regional innovation and/or cluster formation. Nevertheless policy is designed and implemented under the name “regional innovation policy (RIP)” or “innovative cluster policy” in numerous countries and regions. Among them Korea is a key case in point. In this paper I will first try to presnt my view on the key concepts and conceptual structure of regional innovation systems and clusters and the relationship between them. I will then argue that the comprehensive RIP framework can be deduced from the conceptual framework of RIS and clusters. Thereafter Korean policy practice since 2003 will be reviewed with reference to the general RIP framework. Special attention will be given to the Korean regional innovation profile, policy formation background, and the consistency of the applied policy instruments with the general RIP framework. Suggestions will follow in the conclusion.