Based on the results of a case study on the South Korean invested enterprises in Shandong Peninsula, this paper aims at elaborating the relationship between the utilization of foreign investment and the development of international industrial linkages of China from enterprise point of view, as well as providing scientific foundation for the further development of Sino South Korea economic integration. Motivations for South Korean investors to enter Shandong Peninsula are analyzed and the evaluation on the local investment environment by South Korean investors are given in the paper. Besides, the basic industrial linkage features of South Korean invested enterprises, mainly concerning equipment and technology, raw material supply, market and management are explained in depth, which show light on the dynamic pattern of the emerging international division of labor between Shandong and South Korea.