Cultural heritage festival responds to the popular desire to experience culture and to the extended time of leisure life, and it is a beneficial utilization method which combines educational value and advantage of the event. It is possible to be divided into the tangible and intangible cultural heritage utilizing festival, but current festivals come into both aspects. Furthermore, these festivals are used as a tool to promote the regional inherent cultural heritage to find the identity of the region, but studies and empirical analysis for the effects of cultural heritage festivals are not enough. This study aims to examine if regional cultural heritage festivals can develop inherent cultural assets of the region and has social-economic effect well as positive influence on the image of the region. Moreover,it will also discuss countermeasures against problems on the development of cultural heritage festival as well as possible plans to increase efficiency. In order to achieve the objectives of the study, the survey from the government officials whose region had similar precedents is conducted to analyze the effects and influence over the region and the recognition changes after holding the festivals. Finally, results of empirical investigation are analyzed and some suggestions are proposed to present the future direction of cultural heritage festival.