Films based on real events, also known as “Faction films”, as the name suggests, are created through the objective observation and subjective reflection of film creators, with the main creative inspiration and materials based on real cases or events that have occurred in history or real life. Such methods as text analysis, film material analysis and comparative research are mainly adopted to conduct the classification and compilation of published literature and the latest theoretical research achievements. This is how this paper can make clear the history and current situation of real-life-based films of Korea and China, and summarize the secret behind their huge success in Korea both commercially and artistically. Then, it conducts a detailed analysis and interpretation of various aspects of Escape From Mogadishu and Operation Red Sea, including the narrative techniques, characterization, narrative perspectives, adaptation strategies, plot construction and thematic expression, so as to compare the similarities and differences of narrative strategies in Korean and Chinese films adapted from real events, and probe into the specific reasons behind the differences. And last, through the expression of social values and spirits of real-life-based films in South Korea and China reflected in the two films, this paper offers an analysis of the reasons for the commercial and artistic success of them, as well as the problems resulting in the gap between Chinese and Korean films. It also points out that Chinese film creators need to draw on the successful experience of the South Korea film industry to further improve the domestic industry and management systems and form typed creative models and expressions centered on national and local cultures. This is how they can blaze a path of film industrialization with Chinese characteristics.