The purpose of this study was to estimate the payment value of the Hallasan National Park admission fee using a dichotomous choice Contingent Valuation Method(CVM). Particularly, we examined explanatory variables that can determine the willingness to pay the entrance fee of the Hallasan National Park. Using purposeful sampling method, the survey was conducted with domestic tourists who have visited the Hallasan National park from August to September 2018. A total of 237 surveys were collected. The results of this study indicated that the payment value of the Hallasan National Park admission fee was estimated as KRW 6,695 per person/visit and the total amount of economic value was KRW 67 billion per year. The result of the logit model revealed that bid, age, and agreement (or disagreement) of the reservation system are important explanatory variables in predicting the payment value of the Hallasan National Park admission fee. This study confirmed that the agreement of the Hallasan National Park reservation system, which indirectly shows the attitude toward the environment, affects significantly the willingness to pay the park’s admission fee. The findings suggest several practical implications associated with implementing environmental policies.