This study analyzed the factors determining the level of knowledge acquisition in the host country for domestic subsidiaries of multinational corporations that have entered Korea. The results of this study showed that subsidiary absorptive capacity, diversity of experience, and local network embeddedness had positive effects on knowledge acquisition, but experience as measured by the subsidiary's years of operation had no significant effect. Furthermore, a tendency was found that the degree of local knowledge acquisition by subsidiaries increased as subsidiaries pursued localization strategies to a greater extent, as subsidiaries were granted higher managerial autonomy in new product development/introduction, marketing, and personnel policies, and as evaluation criteria emphasizing knowledge acquisition were applied in assessing subsidiary management performance. Overall, these results suggest that knowledge acquisition by overseas subsidiaries in the host country is facilitated not only by the subsidiary's own learning capabilities and exposure to useful learning opportunities, but is also influenced by subsidiary-level competitive strategies and the parent company's management approach toward subsidiaries.