The purpose of this study is to examine the educational effects of the Project approach and the Reggio Emilia approach by comparing and analysing similarities and differences of these two approaches, and by investigating the empirical effects of these two approaches on the young children`s creativity, cognitive ability and social ability. The subjects of the current study were 60 four or five years old children who were selected randomly out of 6 different kindergartens in K city, Kyungbook province. These children, 10 in a group, were assigned to any one of the six groups which include two Project approach groups, two Reggio Emilia approach groups, and two control groups. The tests used to measure the dependent variables were Jun, Kyung Won`s Creativity Test(1995), Moon, Soo Bak and Byun, Chang Jin`s K-ABC(Kaufman -ABC) Korean Version(1997) and Kohn`s Social Ability Test(1972). The results of the analyses were as followings: 1. Both the Project approach and the Reggio approach showed positive effects for the young children`s creativity. However, Reggio approach was more effective than the Project approach in improving creativity score. 2. Both approaches were effective in improving young children`s cognitive ability. But there was no difference in the effect on the cognitive ability between two approaches. 3. Project approach was effective in improving young children`s social ability. But there was no significant change in the social ability of children in Reggio approach group. In conclusion, project in the early childhood education in general showed positive effects for children`s creativity, cognitive ability and social ability. However, the Project approach was more effective for social ability, and Reggio approach was more effective for creativity. Meanwhile, there was no difference between two approaches in the effect for cognitive ability.