This study shows the development of the Incheon International Airport in four stages and analyzes the subjects, environments, resources, and mechanisms used in each stage of the development. First, the Incheon Airport made managerial decision based on the long-term public-and future-oriented perspective rather than short term performance. Such public benefit-oriented decision-making process could not only deal with the survival of the COVID 19 pandemic situation but also to preserve the airport and aviation industry ecosystem as a whole. Second, environmentally, air demand has increased steadily although there has been some turbulence in recent years. In 2020, when the COVID 19 hit, the airline industry is now faced with a dramatic decline in air demand. Third, the industry started out as a lack of resources but has accumulated resources continuously. The accumulated resources have become the basis of the upcoming strategic choices. Fourth, the management mechanism has developed over the years. The Incheon International Airport used the limited resources in creating the environment using the SRE mechanism, has changed to the ESR mechanism, accumulating and finding new resources through responding to the changing environments and lastly to the RSE mechanism which is to strategically overcome uncertainties by using the accumulated resources. In 2020, the ESR mechanism was adopted to actively use accumulated resources to overcome the pandemic situation of COVID 19. With the increase of environmental regulations and dramatic development of the technologies, Incheon International Airport will face new challenges. The competitive landscape of the airlines will change as well as the characteristics of the airport users, which will require the business model of the airport to be redesigned as well. Furthermore, the competition between the East Asian countries’ airports will increase and domestically, the Incheon International Airport will face competition from the new airports of the ASEAN countries. Therefore, this study implies the compelling need for the redesigned business mechanism of Incheon International Airports to deal with the changing competitive landscape.