The objectives of this study were to estimate genetic parameters and breeding values of four carcass traits of the Hanwoo cattle breed: carcass weight (CWT), back fat thickness (BFT), eye-muscle area (EMA), and marbling score (MAR). Genetic parameters and breeding values were estimated based on data (“estimating dataset”) collected from September 2004 to March 2019. Predictability of parental breeding value estimates (EBVs) for the performances of progeny of the control group was evaluated on another dataset (“testing dataset”) using linear model equations involving parental EBVs classified into sex and age groups. The parental EBVs of animals in the testing dataset were traced by pedigree relationships of animals in the estimating dataset. Heritability estimates of CWT, BFT, EMA, and MAR were 0.53, 0.43, 0.38, and 0.54, respectively. Genetic correlation coefficients of CWT with BFT, EMA, and MAR were +0.32, +0.59, and +0.11, respectively. Environmental correlation coefficients of CWT with BFT, EMA, and MAR were +0.46, +0.55, and +0.29, respectively. In the testing dataset, partial regression coefficients of phenotypic values of progeny on sire EBVs ranged from +0.43 to +0.60 depending on traits fit into the models, while those on dam EBVs ranged from +0.54 to +0.67. All partial regression coefficients were statistically significant and were approximated to the expected value of +0.5. Together, these values validate the use of parental EBVs for predicting progeny carcass phenotypes in the Hanwoo herd.