The Foreign Affairs ministry said armed gunmen fired at the embassy compound with machine guns at around 1:20 a.m. in Tripoli, when they drove past it in a vehicle.
Two police officers from the Libyan police force who had been providing security for the main gate of the embassy were killed in the shooting, said the foreign ministry.
A third guard was wounded and taken to a nearby hospital. No South Koreans were reported hurt in the incident.
At this point, said an official with the Korean ministry, the motive remains unclear as to if the assailants had aimed at the embassy compound itself or directly at the police officers. However, the only damage sustained was to the outer wall of the embassy said officials.
The officials said that Lee Jong-kook the Korean Ambassador in Libya was visiting Tunisia when Sunday’s attack was carried out.
According to the South Korean foreign ministry, Islamic State claimed its fighters had killed two police officers in Tripoli in a post in put up on its Twitter account shortly after the drive by shooting.
The Islamist radical militant group did not say why it had targeted the police at the embassy.
Seoul said it was considering pulling all its staff from the capital of Libya and asked the police in Libya to tighten their 24-hour security of the embassy.
As many as 40 Koreans, including two diplomats as well as an administrative member of the staff at the embassy are living in Libya, which of late has been hit with conflicts with the military amongst rival IS militants and tribes.
The Sunday attack came following violence that erupted that killed ten people of which five were foreigners from Tajikistan and the United States on January 28 in Tripoli.
That deadly incident saw gunmen who were presumed to have ties to IS storm into a hotel and start firing in the lobby area. During the same attack, a car bomb exploded nearby.