This study surveys research into mutual funds, with special emphasis placed on the implications for Korean markets. Mutual fund studies, here in this study, are divided into three important categories: The economics of mutual funds, agency problems, and other issues. The category of the economics of mutual funds is again divided into 7 sub-categories, the category of agency problem sinto 5 sub-categories, and the category of other issues into 8 sub-categories. For each category, we review the overall trend of overseas mutual fund studies from the 1960s through 2010. After that, the period spanning 1991 through 2010 is focused primarily on Korea. The number of mutual fund articles in academic journals has increased at a surprising rate since the 1990s. In this review, we propose possible directions for future studies with special emphasis on both the protection of investors and the investment behavior of investors. We are confident that careful studies will prove quite helpful in resolving a variety of agency problems in Korean fund markets, and should also help provide investors with efficient investment opportunities in a fair manner. We also hope that mutual fund studies will ultimately bridge the gap between academia and the practical society of mutual funds.