This study is carried out as a precedent work for the implementation of an Open Access Initiative(OAI) compatible with Korean libraries. Institutional Repository is a new concept for collecting, managing, disseminating, and preserving scholarly works created in digital form by faculty and researchers in individual organizations according to open access paradigm. This study briefly outlines the need for Institutional Repository, their role, constitutional elements, benefits and drawbacks. This is followed by recent case studies of SHEPRA, Dspace, eDoc Server and dCollection. The conceptual model of Institutional Repository was suggested and the key considerations to be taken into account for the successful implementation of Institutional Repository at the beginning stage were proposed from a stakeholder's perspective.