This study reviewed the meaning, process, and current and future situations of business conversions as a strategic behavior by a public corporation through reviewing the case of ‘E’ corporation's business conversion process. The study reviewed various situations and problems occurring to a public corporation during the process of business conversion. The result of the analysis showed that the success factor of the business conversion by a public corporation is how it deals with the political factors and the internal conflicts among its organizational members, differently from private sector companies which move from an existing business area to a new area for corporate survival. The study focused on ‘E’ public corporation, which leads a related industry. The results found are as follows: Firstly, E corporation had an downright pressure to convert its businesses in the course of recognizing the problem, which comes from the government's political judgment to cope with the industrial changes rather than from the industrial changes itself occurring from the fourth industrial revolution, etc. Especially, due to the characteristics of a public corporation, it would not have had any plan or thought on a business conversion if it were not for the external pressure such as the government decision, etc. even if there had been internal requests. Secondly, even though it had recognized the problem, if it had not had clear imperativeness and necessity for a business conversion, it seems that the corporation should have faced with difficulties to proceed to the next step. However, without clear classifications of decision-making or systems among the internal organizational members, there might have been negative effects. Especially, if the management who would be rarely affected by the decision for the future makes the decision without due considerations, the process may take an unintended direction. As such, there needs to be a clear role sharing. Thirdly, it would be natural to need a dedicated organization for the business conversion. However, its role should also include that of a coordinator to finetune internal conflicts from the process, rather than staying within the role of a simple experts group. Also, for a public corporation, differently from a private sector company, it was found that it needed a significantly large organization to coordinate various businesses and roles.