This study intends to examine how the recently introduced central participatory budgeting (PB) promises for improving fiscal transparency in Korea. To apply the concept of fiscal transparency in the analysis of the design and implementation of the central PB, this study develops an analytical framework for PB's contribution to fiscal transparency and focuses on three key elements of fiscal transparency; comprehensiveness, bi-directionality, and representativeness. Our initial analysis indicates that the Korean national PB is critically limited in the coverage of public participation in the budget process and that the current system does not take a careful consideration of the composition of the participatory groups and of the deliberative process of project screening. Based upon such analysis and observations, this study suggests some policy recommendations, one of which is to expand the coverage of PB to capital projects and improvement of existing programs.