The Imjin Waeran was the largest international war of East Asia during the early modern times. Right after the war ended, a new powerful feudal government, Tokugawa shogunate emerged in Japan. Less than 50 years after the war ended, there was a shift from Ming to Qing Dynasty in China. Considering those developments after the war, it is safe to say that the war had tremendous impacts on the changes to the international order of East Asia in the 17th century. The South Korean academic circles have especially accepted with few doubts that the war sent a serious blow to Ming``s finance and thus worked as a decisive event to lead to its fall. The purpose of this study was to re-review those perceptions of the academic circles. It is estimated that the war imposed a financial burden of 8∼10 million taels on Ming Dynasty. The study compared them with the revenues and expenditures of Tai-Cang Treasury, Ming``s national treasury, and especially its military expenses to defend the incursions by Mongolian of Northern Frontier. There were, however, no grounds found to estimate that the size of military expenditures during the war stroke an especially more serious blow to the finance of the dynasty than other periods. Rather, Ming China``s serious fiscal crisis made an even worse turn after the "three lavies for warfare expense were made regular land taxes" in the 1620s when Nurhachi had a full-blown advance into Liaodong. Ming``s finance had innate fundamental issues with the finance and military expenditure procurement systems established by Emperor Hongwu in the early days of the dynasty. The military expenditure procurement system established by Emperor Hongwu was on the basic premise of self-sufficient Wei-Suo, and the rigid fixed amount system and the horizontal tax transportation system made it difficult to manage Ming``s finance efficiently. It was thus natural that all the burdens following the expansion of financial expenses fell on the shoulders of common people. The prolongation of war in Liaodong in the 1620s especially created fixed amounts of financial burdens transferred to common people and eventually resulted in the irreparable bankruptcy of Ming``s fiscal structure.