This paper proposes an alternative to the North Korean policy. It is also hoped that the paper will contribute to bipartisan effort to formulate a new North Korean policy when the next government takes office. To this end, it will first go over the possibility of changes in North Korean political system, its nuclear problem, establishment of peace regime in Korean peninsula and future prospoect of relation between North and South. The proposal for the next government's North Korean policiy principles will follow, together with detailed policy issues. Considering all the variables, it will be concluded that the next administration needs to uphold its current engagement policy. North Korean policy should have a strategic and pragmatic approach and avoid moralistic or fundamental tendencies. Also, denuclearization, creation of a peace regime and economic union on the peninsula should proceed hand in hand.