In the paper, the forest policy of Korea during the period of 1906 to 1910 under the spheres of Japanese influence was revisited by considering the incident of attempting sales of the old Crown forest reserve in Wando to a Japanese business man with a failure and the national forest policies of the Residence General in Korea of the Japanese Imperial. The factors, both the internal and external, behind the scene of the incident are considered for the explanation for the development of the incident with the forest reserve in Wando. The forest policy during the period considered involves the exploitation of virgin forests in the northern provinces near the rivers bordered with China and Russia, the introduction of forest law, which is the first modern regulation enacted with the heavy influence of the Japanese interest in the colonization of Korea. The intentions of the Japanese Colonial Power for the exploitation of forest resources in Kores were interpreted by investigating the report on the situation of forest ownership in Korea prepared by Japanese forest officers who surveyed the Korean forest areas by sampling just before the beginning of colonization.