The purpose of this study was to estimate the preservation value of Dokdo using dichotomous choice contingent valuation method. Especially, this study employed two-stage approach in order to minimize hypothetical bias: the first stage for hypothetical setting and the second stage for real setting. This study was also aimed to identify explanatory variables that can determine the probability of willingness to pay for preservation funds for Dokdo. For this end onsite(1,500 sample) and online(1,000 sample) surveys were conducted using quota sampling method for 16 metropolitan cities and provinces based on population, age, and gender. The results of the study indicate that the preservation value of Dokdo was estimated at KRW 80,638 per household per year and its aggregate value amounted to be KRW 1,398 billion per year. It was also found that hypothetical setting overestimated the probability of willingness to pay for the preservation funds for Dokdo as compared to the real setting. Bequest value was the highest(53.8%) followed by existence value(30.7%) and option value(15.5%). Finally, the results of logit model reveal that bid, patriotism, support, and income were important explanatory variables in predicting the probability of willingness to pay for the preservation funds for Dokdo.