This study discussed the values and contributions of the Korean old stories in the elementary school. The values and contributions are not limited to Korean language and culture education but throughout elementary education. Young students has an incredible curiosity about all things around. They ask ‘why’ frequently. But unfortunately, it is difficult for parents or teachers to explain or answer the questions that they can understand, because of their lack of the knowledge and concepts. However, we should provide an proper answer what they ask. Korean old stories, especially lots of myth and legend is a kind of metaphorical story or explanation about our natural or human world. So young student can learn our natural or human world easily through the old stories, even though metaphorically. Metaphorical recognition is important as the previous stage of the factual or scientific recognition. This study sought to bring to light these educational significance of Korean old stories. Furthermore, we proposed an approach to Korean old stories as educational contents and cultual code in elementary school.