Nation brand management has been gaining great interest worldwide. As for Korea, the recent Korean Wave(Hallyu) came to the fore as a key strategy in nation branding. However, most Hallyu research only focused on the cultural contents and its impact on variables such as country of origin effects, destination images, and not too much on nation brand equity. In this study, we argue that further segmentation of Hallyu types is necessary and suggest economic Hallyu in addition to the cultural Hallyu. Furthermore, we examine effects of different types of Hallyu on national identity and nation brand equity. Results of the study revealed that different types of Hallyu indeed had different impact on national identity. Dimensions of national identity also showed different impact on nation brand equity, and national identity was found to completely mediate the relationship between Hallyu and nation brand equity. Based on the research results, theoretical and practical implications are discussed.