The purpose of this paper is to examine the theoretical framework of international mergers and acquisitions(M&A) and strategic alliance, and to present suitable M&A and strategic alliance strategy to the Korea`s business firms. The paper has at first outlined the theories practices of international M&A and strategic alliance. Then the paper proceeds to present the strategy alternatives. The paper is concluded with the remarks on the future development direction. The biggest problem Korea`s business firms is faced with in tapping the world market is that the names of the Korea`s enterprises are not well recognised, while they have to compete with the world famous names. In order to overcome this difficulty it is recommended for Korean companies to pursue strategic alliance with some advanced entities of good brand names. Strategic alliance with the advanced enterprises will also help Korean firms secure easy access to the front-end technologies.