Despite the fast-growing number of social enterprises in Korea, there have been doubts recently on their sustainable development and growth. To facilitate the long-term success of social enterprises, understanding how they operate in real world is important. In social enterprises research, there are recent calls for studying two aspects of their operation: 1) institutional logics and 2) operating models. However, empirical evidence on these subjects is rarely investigated. To fill this research gap, we suggest three research questions: first, what kinds of instituional logics social enterprises are based on? Second, what types of operating models are adopted? Third, are certain logics related to specific operating models? To answer these questions, this study takes a content analysis approach and analyzed publicly disclosed materials of 219 social enterprises in Korea. Results showed that social enterprises were operating their business based on different logics simultaneously, which reveals the characteristics of hybrid organizations. In specific, the competing logics of economic/commercial and social welfare/charity coexist in a single organization together. Also, representative operating models of social enterprises were ‘employment for the disadvantaged’ and ‘cultural education for public.’ These models were associated with economic/welfare logics and reform/innovation logics, respectively. Findings from this study provide meaningful theoretical and practical implications to social enterprises research and practice.