This study analyzes the evolution and economic impact of chaebols in South Korea from their inception to 2024. It examines historical data, financial records, and governance structures to trace chaebol development, their role in Korea's industrialization, and current economic position. The research compares the chaebol system with similar structures in other countries, especially Japan's zaibatsu and keiretsu. It investigates growth patterns, market share, and governance structures of major chaebols like Samsung and Hyundai Motor Group. The analysis reveals chaebols' dual impact on the Korean economy: driving growth and innovation while raising concerns about economic concentration and corporate governance. The study concludes with recommendations for government regulation and chaebols' role as economic leaders in the evolving global landscape.