SWAT-K model is a modified version of the original SWAT, and is known to more accurately estimate the streamflows and pollutant loadings in Korean watersheds. In this study, its hydrological components were compared with those of HSPF in order to analyse the differences in total runoff including evapotranspiration(ET), surface flow, lateral flow and groundwater flow from the Chungju Dam watershed during 2000~2006. Averaged annual runoff with SWAT-K overestimated by 1%, and HSPF underestimated it by 3% than observed runoff. Determination coefficients(R2) for observed and simulated daily streamflows by both the models were relatively good(0.80 by SWAT-K and 0.82 by HSPF). Potential ET and actual ET by HSPF were lower in winter, but similar or higher than those by SWAT-K. And though there were some differences in lateral and groundwater flows by two models because of the differences in hydrological algorithms, the results were to be reasonable. From the results, it was suggested that we should utilize a proper model considering the characteristics of study area and purposes of the model application because the simulated results from same input data could be different with models used. Also we should develop a novel model appropriate to Korean watersheds by enhancing limitations of the existing models in the future.