This study was conducted to determine the effects of parity of dam on the growth performance, carcass characteristics, and economic efficacy of Hanwoo steers. A total of 344 Hanwoo calves (average weight, 29.2±4.5 kg), born between 2010 and 2016 at the Gangwon Livestock Technology Research Institute in Hoengseong, Korea, were evaluated. These calves were divided into five groups according to the parity of the dam: 1–2 parity, 193 calves; 3–4 parity, 86 calves; 5 parity, 30 calves; 6 parity, 12 calves; and ≥7 parity, 23 calves. The birth weights of calves were slightly, but not significantly, higher in the 3-4, 5, 6, and ≥ 7 parity groups than in the 1-2 parity group. Wither height, rump height, chest girth, and rump width were higher in the 6 parity group than the 1-2 and ≥ 7 parity groups (p<0.01). ADG from birth to 3 months old was higher in groups with more than 3 parity than the 1-2 parity group (p<0.01). ADG from 4-6 months old was higher in the 6 parity group than the ≥ 7 parity group (p<0.05). Throughout the entire experimental period (birth-30 months old), the ADG was higher in the 5 and 6 parity groups than the ≥ 7 parity group (p<0.05). The carcass weight of steers increased up to 6 parity; however, the difference was not found to be statistically significant. The marbling score was slightly, but not significantly, lower in the ≥ 7 parity group than the other parity groups. The net income associated with the 3-4 parity, 5 parity, and 6 parity groups was higher than that with the 1-2 parity group; however, the ≥ 7 parity group had lower results than the 1-2 parity group. The wither height, bump height, chest girth, and pelvic width of calves at birth were positively correlated with the parity of the dam (p<0.05). The body weight and all body conformation traits of calves at 3 months old had positive (+) correlations with the parity of the dam (p<0.05). Body weight and most body conformation traits at 6 months old had a negative correlation with the parity of the dam. The body weight and most body conformation traits of calves at 12 months old displayed similar tendencies to those found at 6 months old. Thus, the results of this study indicate that the parity of Hanwoo cows could be changed from the current 2.5 to 5 or 6 considering the increase in birth weight, growth performance, and the farmer\'s net income.