The purpose of this paper is to trace out recent development geographies of Jeju Island, and to investigate the ways in which a series of large-scale development projects have been planned and implemented structurally in conjunction with key development actors. First, it examined comprehensive legal regulations that impacted on Jeju’s development. It investigated the key development schemes of Jeju implemented by the South Korean national government, and distinguished their political characteristics into dirigisme and devolution. Subsequently, it analyzed the national-local governmental partnership and its development discourse presented in a series of special acts on Jeju in the 2000s. Second, it analyzed the structural framework of the Jeju Free International City Development Corporation (JDC) with particularly focusing on its internationalization, liberalization, and deregulation policies. The JDC acts as a powerful neoliberal development actor dedicated to increasing the exchange values of local properties. Finally, the paper reviewed JDC’s several development projects and examined whether they brought in positive opportunities for Jeju, or generated uncertainties and costs that could endanger Jeju’s resilient capacity.