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The article describes course and contours of India-South Korea relations during the Post-Cold War era and also analyses factors responsible for it. Both the countries have moved forward their cooperation very rapidly in economic, political, strategic and cultural domains. The paper argues that there are structural reasons; both domestic and international, for spectacular improvement in India and South Korea relations. Most important reasons for this have been the end of the Cold War, the opening of the Indian economy, India's Look East Policy, North Korea-Pakistan nexus and rise of China. The paper postulates that even though there is less than sufficient realisation in both the countries about their common interests and goals, the relationship has grown because of these structural reasons. The paper recommends that India-South Korea should as soon as possible understand their mutual importance and should take up their relationship to a higher level.