The article §329 of Criminal Act of Korea lay down like this; 'A person who steals another's property shall be punished by imprisonment for not more than six years or by a fine not exceeding ten million won'. Larceny is one of the most common occurred crime and make out a most basic theory of property offences. The purpose of this study is to analysis the object of larceny. 2010. 2. 25. the Supreme Court of Korea made judgement that a free newspaper could be the object of larceny, while the Supreme Court did not gave a decision concrete reason. Also to relate with value of property as the object of larceny, there is not provision in the criminal law. So value of property as the object of larceny entrusts a interpretation with full argument. The property as 'a thing of value' should be divided active value, passive value, financial value, subjective value and exchange value etc. The most contentious issue of these is interpretation of passive value and subjective value. But there has been no judical precedent for this kind of case especially subjective value as of yet. In my judgement, if any thing has only subjective value, it is not property.The contents of this study is as follows; Ⅰ. A progress report of judgementⅡ. Raise a questionⅢ. The relation of property and value Ⅳ. Review of judgement