This study examined KHL speakers’ and their ethnic communities’ perceptions of Korean heritage language (KHL) maintenance and ethnic identity formation in the Australian context. This study explored the factors that may influence KHL maintenance in adolescent KHL speakers and how their interpretation of ethnic identity affects their perceptions of the influencing factors of ethnic identity formation. Eighty-two adolescent KHL speakers and Korean migrants were recruited from Korean community venues in Australia to complete a survey questionnaire. Both groups were positive for KHL maintenance and ethnic identity formation but had different perceptions of what constitutes ethnic identity and the necessary measures required to support KHL speakers. The results imply a need for community support on multiple social and communication levels that are not overly focused on academic and traditional cultural domains.