English story books translated from Korean folk tales can be used as effective materials in elementary English education. This study explores the values of Korean folk tales through investigating the availability of the Korean folk tales in English, and analyzing the types and frequency of vocabulary employed. For this purpose research started from investigating Korean folk tales in English on the markets as well as on the web sites. Then two corpora were built by wording the texts into a corpus program: Korean folk tales in English and western folk tales. The findings from the research are as follows. Korean folk tales in English tended not to be easily available and not to be widely in use. With regards to the number of vocabulary types of Korean folk tales, it was nearly similar to that of western folk tales. However, the English vocabulary was quite strikingly different from the one suggested by the 7th National Curriculum. The frequency of English vocabulary in Korean folk tales was lower than the one from the English textbooks used in schools and the ratio of low-frequency words was comparatively high. It was also found that many words of Korean folk tales in English reflected the source culture, which is expected to be good for developing intercultural communicative competence. Lastly, contents, organizations, and the vocabulary were found to be somewhat different from each version though dealing with the same folk tales. With these findings some suggestions are provided for making the most out of the Korean folk tales in English for elementary school English teaching.