Many countries, including South Korea, focus on securing renewable energy technologies to cope with climate change and foster new industries. This study analyzed R&D performance and relevant factors through tracking data on the Korean government’s renewable energy R&D project, which ended in 2010-2014. The main findings provide several meaningful information. First, the overall performance of completed projects is relatively low, both innovation and economic perspectives. Second, renewable energy source, R&D organizer, and The R&D stage are relevant factors on R&D performance. The R&D stage significantly influences innovation performance. Lastly, R&D performance is under an imbalance between innovation and economic perspectives. This paper can provide useful information to policy and decision-makers to improve future R&D project performance. In addition, scholars also may refer to related researches. Ultimately, we expect to promote renewable energy R&D projects and help manage their performance.