This study aimed to quantify changes in forest cover and carbon storage of Korean Peninsular during the last two decades by integrating field measurement, satellite remote sensing, and modeling approaches. Our analysis based on 30-m Landsat data revealed that the forested area in Korean Peninsular had diminished significantly by 478,334 ha during the period of 2000-2019, with South Korea and North Korea contributing 51.3% (245,725 ha) and 48.6% (232,610 ha) of the total change, respectively. This comparable pattern of forest loss in both South Korea and North Korea was likely due to reduced forest deforestation and degradation in North Korea and active forest management activity in South Korea. Time series of above ground biomass (AGB) in the Korean Peninsula showed that South and North Korean forests increased their total AGB by 146.4 Tg C (AGB at 2020=357.9 Tg C) and 140.3 Tg C (AGB at 2020=417.4 Tg C), respectively, during the last two decades. This could be translated into net AGB increases in South and North Korean forests from 34.8 and 29.4 Mg C ha-1 C to 58.9(+24.1) and 44.2(+14.8) Mg C ha-1, respectively. It indicates that South Korean forests are more productive during the study period. Thus, they have sequestered more carbon. Our approaches and results can provide useful information for quantifying national scale forest cover and carbon dynamics. Our results can be utilized for supporting forest restoration planning in North Korea.