Using a multi-group population projection model, this study examines the implications of educational mobility and differential demographic rates on changing women’s educational distribution in South Korea. This article focuses on the implications of a differential population renewal process on educational mobility, which has not been extensively examined in previous studies of social mobility. My findings suggest, first, that differential demographic rates have no substantial influence on the educational distribution, because of substantial educational mobility. Second, that intergenerational association and structural change matter in the long run, with stronger intergenerational association and more structural change leading to increases in women’s level of education. Finally, that educational mobility and differential fertility are interdependent processes that jointly influence differential population replacement, but the fertility gap between education groups would have to be unreasonably large to be influential, due to the extraordinarily high educational mobility in South Korea.