(Korean: “Assembly of P'alkwan”), most important of Korea's ancient national festivals, a ritualistic celebration that was essentially Buddhist in form but tinged with elements of Taoism and indigenous folk beliefs. Some historians think P'alkwanhoe was originally a state-sponsored cultural festival that developed from the harvest festivals of earlier days. The festival, which seems to have been firmly established in AD 551 at a time when Buddhism was recognized as the state religion, was conducted by Buddhist priests and apparently included prayers for the welfare of the state. During the festival, lamps were lit, incense was burned, the royal palace was elaborately decorated, and there was joyous singing and dancing. The king participated by receiving congratulations from foreign merchants, provincial ministers, and ordinary citizens and by dispensing food and even wine, which was forbidden at other times. The royal P'alkwan treasury (P'alkwanbo) took care of all expenses but sometimes relied on contributions from the aristocracy.

The festival still survives in certain rural areas of Korea and includes prayers to heaven, mountains, rivers, and the dragon.