This paper investigates seismic damage potential of recent September 12 M5.8 Gyeongju earthquake from diverse earthquake engineering perspectives using the accelerograms recorded at three stations near the epicenter. In time domain, strong motion durations are evaluated based on the accelerograms and compared with statistical averages of the ground motions with similar magnitude, epicentral distance and soil conditions, while Fourier analysis using FFT is performed to identify damaging frequency contents contained in the earthquake. Effective peak ground accelerations are evaluated from the calculated response spectra and compared with apparent peak ground accelerations and the design spectrum in KBC 2016. All these results are used to consistently explain the reason why most of seismic damage in the earthquake was concentrated on low-rise stiff buildings but not quite significant. In order to comparatively appraise the damage potential, the constant ductility spectrum constructed from the Gyeongju earthquake is compared with that of the well-known 1940 El Centro earthquake. Deconvolution analysis by using one accelerogram speculated to be recorded at a stiff soil site is also performed to estimate the soil profile conforming to the response spectrum characteristics. Finally, response history analysis for 39- and 61-story tall buildings is performed as a case study to explain significant building vibration felt on the upper floors of some tall buildings in Busan area during the Gyeongju earthquake. Seismic design and retrofit implications of M5.8 Gyeongju earthquake are summarized for further research efforts and improvements of relevant practice.