This study aims to explicate characteristics of bilingualism among members from a Hwagyo(overseas Chinese) community who live in Seoul. For this purpose, this study used two research methods: One was to analyze an example of the conversation between two Hwagyo persons, and the other was to conduct a questionnaire-based survey with 21 Hwagyo persons including the two participating in the conversation. Using these two research methods integrated, this study was to show characteristics of bilingualism revealed individually by the Hwagyo speakers, and in addition, this study was also to investigate bilingualism and bilingual development among the members of the community they belong to. As a result of the analysis of the conversation, this study observed that the Hwagyo participants were creating ‘bilingual codes’ in their dialogue used routinely through borrowing or insertion of Chinese words and constructions, and used Korean-Chinese code-switching strategically. This study dealt with such bilingualism as a product of the ‘bilingual identity’ developed properly by the Hwagyo persons, and deepened understanding of the bilingual identity by showing through the survey the Hwagyo persons’ recognition of bilingual development, language choice, cultural identity, and language attitude.