This study aims to analyze the motivations and participation and continuity factors of voluntary activities among retired government employees and, thus, offer theoretical and policy recommendations to encourage and retain their involvement. A total of 337 retired government employees in South Korea were surveyed in this study. First, this study found that the most important motivations for volunteering among retired government employees are other-oriented (altruistic) (67.5%) rather than self-oriented (egoistic) (29.2%). Second, personal difficulties in participating in volunteer activities for retired employees were lack of expertise, health problems, and economic burden. Third, the main characteristics of retired employees participating in volunteer activities were retirees who have volunteering experience while working in the past, are women, are active participants in religious activities, and have a high level of education. Finally, retired employees who continued to volunteer after retirement had the following characteristics: a relatively long post-retirement period, volunteer experience while in office, good economic conditions, self-recognized poor health conditions, and high overall life satisfaction.