Purpose: The purpose of this study was to explore level of moral distress, moral sensitivity, and ethical climate of nurses working in psychiatric wards and identify factors that influence moral distress. Also this study was done to describe the content of moral distress. Methods: Data were collected through self-report questionnaires and focus group interviews. A survey was conducted with 108 psychiatric nurses and 8 volunteers were interviewed. Instruments used in this study were the Moral Distress Scale for Psychiatric Nurses, Korean version of the Moral Sensitivity Questionnaire, and Ethical Climate Questionnaire. Data were analyzed using SPSS/WIN 20.0 program and content analysis. Results: The mean score for moral distress was 3.74 and for moral sensitivity, 4.67. The significant factors influencing moral distress were clinical career in psychiatric wards, moral sensitivity, personal profit and friendship. As a result of content analysis, 3 domain of moral distress were found: moral distress situations, responses in moral distress situations, factors to overcome moral distress and resources that enable ethical nursing. Conclusion: The results suggest that in the development of interventions to decrease moral distress for nurses working in psychiatric wards, factors identified as influencing moral distress and content of moral distress should be considered.