OBJECTIVE: To measure and value health status using EQ-5D with time trade-off\TTO in South Korea. METHODS: We employed 42 hypothetical EQ-5D health states among 243 states for measuring value of health states like MVH study, UK. The Korean version of the instrument and the TTO method was used to interview 500 members representatively sampled from the public in Seoul and GyeonGi-Do and 100 members of retest group among those people. We evaluated a validity using the result of visual analog scale(VAS) and a percent of people who reported more than 3 inconsistencies and a reliability of survey using the result of retest. We also constructed a model for building up a tariff of EuroQol values using random effect model. RESULTS: First in terms of validity, the correlation between TTO and VAS was 0.94(p<0.001) and a percent of more than 3 inconsistencies reporting people was 2.6% less than the result of MVH study(1995) and in terms of reliability, ICC was 0.751 and we judged this study was valid and reliable. Secondly, as a result of model construction, all domains of the EQ-5D were found to contribute significantly to the model, both at the moderate and severe levels. Inability to wash and dress oneself was found to have the largest negative coefficient, followed by being extremely anxious or depressed. Using this model, we estimated values of all 243 states. CONCLUSIONS: In conclusion, we constructed a value set for all EQ-5D states from measurement and valuation of health states with TTO for some states.