Incheon International Airport (IIA) has become the great pride of Korea as it has grown to become a world-class airport rated as the World’s Best Airport for its customer-centered service and innovative activities for seven consecutive years in the World Airport Evaluation held by the Airports Council International (ACI). The airport is creating a healthy business ecosystem in which different functions such as immigration, shopping, and transit have been successfully aligned. This is the result of the collective efforts and passion of all the organizations that have coordinated and worked tirelessly to bring in innovative changes with a dynamic mindset. The role of the Incheon International Airport Corporation (IIAC) is crucial in that it works as a keystone or leader that provides an effective platform for all of its business ecosystem members. This paper traces and analyzes how functions and roles of many different organizations were synergized to create a successful business ecosystem in which members work both cooperatively and competitively, co-evolve capabilities, and share value. The paper also examines the business ecosystem structure of the IIA through the content, platform, network, and terminal (CPNT) model. From a device standpoint, the IIA is just a terminal—a place where aircraft take off and land and immigration is managed—but from a business ecosystem standpoint it is a platform that provides not only solutions but also serendipities and emotions. In addition, we investigate the role of the IIAC as a keystone and how it creates and executes its platform strategy. Finally, the healthiness of the IIA business ecosystem is assessed through the three health indices: productivity, robustness, and niche creation (Iansiti & Levien, 2004c). The paper provides a strategic model for business management from a new perspective through analyzing the healthiness of the business ecosystem and platform competitiveness of the IIA.