This paper, by quantitative analysis, explores the identity of Overseas Chinese residing in Busan area, which includes identity variables, ethnic identity and national identity. The analysis results indicate that Overseas Chinese maintain strong ethnic consciousness as Chinese on the one hand and harmonic relationship with local inhabitants on the other hand. However, most Overseas Chinese generally hold the opinion that the success rate is low because of the unequal policy. Overseas Chinese in this area are deeply influenced by Korean cultures while maintaining their own traditions. The 3rd and 4th generations are relatively Korea-oriented. The research further shows that Overseas Chinese in Busan area are stepping into the mainstream society with strong ethnic feature.