The revival of Buddhism in Korea began in the 20th century as the nation suffered a downfall from the colonization of the Japanese Imperialists. In this chaotic time of social turmoil, transformation into a modern nation resulted not from a natural flow of events but rather from an articulation through a series of discourses on Korean identity. The modernization process in Korea was precipitated by the Japanese colonialism, thereby adding to the complexity during the time of social transformation. In this paper, we have reviewed the three major discourses of Korean Buddhism in the wake of modernization. The following discourses were attempts to deal with the problems faced by the Buddhist community during modernization: the discourse on secularity and social participation, the discourse on modernity centering on the issue of modifying precepts, and the discourse on identity contemplating the originality of Korean Buddhism. The fact that the old controversies concerning precepts continue even to this day in Korea might be regarded as a proof of the vibrant dynamics of contemporary Korean Buddhism. Accordingly, the next unavoidable discourse regarding Korean Buddhism would be on whether and how it can adapt itself to contemporary society, along with what part it will play in the forthcoming society.