Cultural Property Preservation Bureau of Korea excavated the massive shipwreck and her cargo from 1976 to 1984 sunken under Jeungdo Island, Sinan County located in the southwest area of the Korean peninsula. It was the first systematic underwater excavation in Korea, and one of the richest underwater discovery in the world. According to the reference materials, more treasure shipwrecks are assumed to be sunk under seaside of Korean peninsula. Such as, Donskoy near Ulleung Island, Kow Shing near Ul Island, and Yamashita treasure ship off Korean peninsula, etc. The excavations of these treasure ship are likely to raise ownership dispute between private finders and government authority, and between ship owner and excavater due to lack of knowledge and awareness of related laws and regulations. Therefore, this study aims to examine existing legal regimes related to the excavated treasureship. And also it tries to suggest a new proactive measure to prevent the most likely ownership disputes between interested parties.