Most discussions of higher education research in the last four decades have focused on expanding higher education, including increasing access, equity, and quality. However, the growth of higher education enrolment has slowed in many advanced higher education systems since the achievement of massification, with enrolment declining more dramatically in some systems than in others. South Korea (hereafter Korea), which has experienced one of the most dynamic evolutions in higher education, was recently reported to have the lowest birth rate among OECD countries, and its drastic demographic changes are significantly affecting all aspects of higher education. This paper describes Korea's shrinking youth population and its impact on different stakeholders in Korean higher education. It also reviews and evaluates Korea's policies in reaction to the declining population in higher education. The findings of this paper provide policy implications for countries that will experience similar challenges associated with declining enrolment in the years to come, including institutional closures, mergers, and strategies to maintain competitiveness.