The purpose of this study is to suggest an alternative concept of poverty. This study reviewed four controversial issues on the economic conceptualization of poverty, such as 1) absolute or relative poverty, 2) unit of measure and analytic unit, 3) income or expenditure, 4) various poverty indexes. Upon further review, it was determined that the concept of poverty has so far been studied mainly within economic context, based on income or consumption level. Thus, this study made three suggestions. First, the concept of poverty should be multidimensional. Second, researchers should consider the accumulative effects of poverty when conceptualizing. Third, the concept of poverty should be subdivided into several levels, like extreme poverty. This alternative concept of poverty can provide a stepping stone for elaborating researches on cause, process and effect of poverty.