As the labor-management environment has rapidly changed with the advent of the era of the post-ideologization and informationization, traditional labor law methodology is in need of a critical review. The traditional labor law was baswd on the ``subordinate labor theory``, which emphasizes the uniqueness of the labor law and advocates the predominance of collective will over individual worker. Recently, both scholars and practicing experts have indicated a remarkable tendency of deregulation and the “flexicurity” of labor law. This essay analyses such academic and practical tendency in the name of ``labor contract theory`` and attempted to harmonize it with the traditional values. The followings are the five key perspectives this essay presents for the modernization of labor law; 1. Provisions such as general binding forces and union shop clauses, which tend to ignore individual workers, needs improvisation. 2. Work rule requires a thorough review on its adequacy because of its vague legitimacy and confusions arising from workplace application. 3. Dismissal law should be revised in a way that enhances both flexibility and security. 4. Non-regular workers issue should be settled by non-discrimination principle, which will accordingly call for a need on affirmative labour market policy by the government. 5. To prepare for the expected increase on individual disputes, appropriatc dispute settlement system shall be implemented.