Neutron science and technology, the utilization of neutron beams for a wide variety of scientific and engineering research ranging from materials and life science to industrial applications, has been one of the key elements of modern science and technology. Currently, the neutron science and technology in Korea is in rapid growth with the operation of the 30 MW High-flux Advanced Neutron Application Reactor (HANARO) at the Korea Atomic Energy Research Institute, which is one of the most powerful nuclear research reactors in the world. Furthermore, a state of the art HANARO cold neutron research facility, which will open a new era for the neutron science and technology in Korea, is expected to become available in 2010. In this paper, the progress of neutron science and technology in Korea is reviewed and its unprecedented new opportunities and challenges in coming years are presented.