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Since 1990, South Korean children living in relative poverty have increased whereas those living in absolute poverty have decreased until 2002 and then the decrease remained somewhat stagnant. A substantial body of research proposed a strong relations between child poverty and low quality well-being of the child. Poor children, in comparison to those of more affluent families, are more likely to have health, behavioral, social, and emotional problems. They are also more likely to grow up in families that provide less cognitive stimulations which, in turn, can negatively affect their cognitive and academic attainments. The present paper highlights the trends and the consequences of child poverty and suggests policy approaches based on the premise of decreasing poverty of low-income children and their families.