In this study, the recycling processes of construction and demolition waste (C&D waste) were analyzed, and its national recycling rate was determined using material flow analysis (MFA). Available statistical data provided by Ministry of Environment and Korea Environment Corporation were used for the MFA study. The collected data were carefully examined and validated by field investigations. System boundary for MFA covered from waste generation from construction sites to final disposal in 2013. The field investigation showed that recycled aggregate is produced through mechanical shredding, separation, and screening processes of C&D waste. The production efficiency (or process yield) was estimated to be approximately 81.2% on average. The foreign materials in the waste accounted for 18.8% by weight. The separated impurities were sent to recycling facilities, incineration facilities, or landfill sites, depending on the physicochemical characteristics. Efficiency of recycling facilities and the statistical data were integrated to estimate the national actual recycling rate, which turned out to be 87.7% in 2013. Approximately 49.1% of the construction-related waste was recycled as recycled aggregate for concrete production and road base layer for asphalt pavement. Based on the result of MFA, there is 9.8% difference between the actual recycling rate in this study and reported recycling rate by national statistics. In the future, more various C&D waste treatment and disposal facilities, along with aggregate recycling facility, should be investigated to verify the actual recycling rate determined by this study. Statistical accuracy should be further refined through additional field investigations. Our findings can be applicable to development of recycling policies and best management practices for C&D waste streams.