There was intense pressure to close a deal because President George W Bush's Trade Promotion Authority, a so-called "fast track" power, ends on 1 July, and any agreement had to be reached 90 days beforehand - by the end of Sunday.
The special power enables Mr Bush to send trade pacts to Congress for a straight yes or no vote, excluding any amendments.
South Korean trade minister Kim Hyun-chong described the agreement as the "most important event" between the two countries since their signing of a military alliance in 1953.
The Federation of Korean Industries, which represents Korea's largest companies, welcomed the agreement saying it would promote the two countries' economic interests.
Trade between the two countries totalled $72bn (£37bn) in 2005, and is expected to increase about 20% as existing economic barriers are scrapped.
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