The present study examined the receptive and productive knowledge of collocations of second language (L2) and heritage speakers of Korean and also investigated the influence of phrasal frequency, exposure to Korean, and phonological short-term memory (PSTM). Seventeen L2 learners and 14 heritage speakers of Korean were tested on 30 Korean noun-verb collocations, which varied in phrasal frequency, using an acceptability judgment task and a collocation completion test. The results showed that both L2 and heritage speakers demonstrated considerable receptive knowledge of Korean collocations while productive knowledge was more limited for both groups. The mixed-effects modelling results of four independent variables of interest (i.e., phrasal frequency, exposure via media, academic use, and PSTM) showed that phrasal frequency was the only significant predictor of receptive knowledge of collocations for both L2 and heritage speakers; none of the four factors had a significant impact on productive knowledge of collocations for either group. These data are discussed in relation to previous studies on collocation development of L2 learners and heritage speakers.