The role of IT organization is shifting from a simple business supporting center to a strategic value delivery center. As technologies and environmental conditions are changing dynamically and IT risks are increasing, management of IT is becoming more critical. The main objectives of IT management are aligning business and IT by using resources effectively, reducing IT-related risks and maximizing operational efficiency. The concept of IT governance has emerged to address these objectives more systematically. IT governance reflects top-level executives' view on IT by definition. As a link between IT and business, CIO plays an important role to accomplish successful IT governance. In this regard, this study is designed and conducted to reveal Korean CIO's perception on IT governance, especially in relation to five different dimensions of IT governance: strategic alignment, value delivery, IT resource management, risk management and performance measurement. For above dimensions, a survey was conducted to measure the actual implementation level and importance. Gap analysis reveals understanding five dimensions and high expectation dimensions that need to be developed further. This paper also presents recommendations and guidelines for successful IT governance.