The game in Seoul has been confirmed for 31 March and will be New Zealand's fourth match under coach Anthony Hudson.
The All Whites will use the fixture as part of their preparations for the first stage of qualifying later this year for the 2018 FIFA World Cup.
New Zealand is ranked 131st in the world while Korea Republic, beaten by host Australia in extra-time in the Asian Cup final in Sydney in January, is 66th.
"Confirming Korea Republic for the March window certainly fulfils every criteria we have for opponents for the All Whites," New Zealand Football high performance director Fred de Jong said.
"Their showing in Australia highlights how strong they are and they will provide an excellent yardstick for Anthony and the team of where they sit at the beginning of what is an important year for the All Whites."
The two countries last met in 2000, when Korea Republic took out the first match of a two-match series 1-0 in Auckland before a scoreless draw in New Plymouth.
The All Whites are seeking their first win under Hudson, after defeats to Uzbekistan and Thailand and a draw against China, all away from home.
