Walking on Thin Ice Episode 12 Review: A Fantastic Thriller Comes to an End!

In episode 11, Eun-soo and Kyeong try to stop Tae-gu from causing further chaos, resulting in the truth coming out thanks to Gyeong-do’s investigative skills. However, Hwi-rim figures out Kyeong’s truth and gets him arrested.

Walking on Thin Ice Episode 12 has a runtime of 79 minutes.

The series takes up KBS2’s Saturday-Sunday timeslot previously occupied by Twelve. The series, with 12 episodes, will air from September 20 – October 26, 2025.

Walking on Thin Ice Episode 12 Recap

The episode opens with Tae-gu shooting Do-jin right in front of Eun-soo and Su-ah. A fight immediately ensues, wherein Tae-gu tries to shoot Eun-soo, but thankfully, there are no more bullets left. In the end, Tae-gu walks out with the drugs and the money, much to Eun-soo’s heartbreak, but their priority is saving Do-jin at any cost.

As the funeral takes place, Gyeong-do interviews Kyeong and, soon, Eun-soo is arrested as well. With evidence to support that they have been selling drugs, there’s not much that they can do. However, Kyeong frames the situation as the three of them selling drugs and him asking Eun-soo to join the team to make money for her husband’s treatment. He tells the police everything about Tae-gu, leaving all of them shocked. Kyeong also tries to put most of the blame on himself and tries to save Eun-soo from spending the rest of her time in prison, but she misinterprets his comments and is left in tears.

The police then ask both of them to lure Tae-gu, who is on the run. On the night he’s about to make his exit, they make Eun-soo and Kyeong act as if they have kidnapped his son to get him to come back. When he takes the bait, Eun-soo goads Tae-gu into kidnapping her and then attacks him when he tries to make a run for it with her. Kyeong gets there just in time to help her before she gets stabbed, and, eventually, Gyeong-do and the others shoot him a few times before he falls into the lake.

Eun-soo eventually goes to prison, and after doing her time there, she is released. Kyeong, who is still in prison, gets his revenge during one of Hwi-rim’s big meetings, after giving all of the evidence against the Phantom gang and Hwi-rim to the police. Either way, Hwi-rim later threatens Kyeong to take the fall for him again, but this time, Kyeong has a foolproof plan, involving crashing the price of his stocks with several rumours about him, which destroys Tuen Holdings from the inside out. Hwi-rim loses out on his grandfather’s favour, and the straw that breaks the camel’s back is his grandfather finding out that he beat Mi-mi unconscious.

After achieving all of his goals, Kyeong eventually meets Eun-soo again to give her the share that he owes her. However, Eun-soo refuses to take part in any of it anymore and refuses his help as well, wishing him a good life. Unfortunately, she is still unable to make amends with Su-ah, who is now in Yeo-ju’s care, after she refuses to let her see her daughter. Distraught, Eun-soo weeps over losing everything. Elsewhere, Gyeong-do finally finds Tae-gu’s decayed body, closing that chapter once and for all.

In a shocking twist, Kyeong learns that his father went into an agreement with Tuen Holdings to save his business and helped frame his own son in the process! Everyone is left absolutely devastated, especially Kyeong, who loses his family all over again. Meanwhile, Eun-soo is miserable as well, even though she wants to live a clean life. However, fate has other plans after she finds Mint in one of the bags while at work.

Facing a big moral dilemma, she ponders what to do with it, while Kyeong thinks of ending her life. The season ends with a lot of unanswered questions as both Kyeong and Eun-soo face several life-altering decisions.

Walking on Thin Ice Episode 12 Review

Walking on Thin Ice ends on an audacious cliffhanger for no apparent reason, and I am torn between feeling betrayed and somewhat impressed. Although the episode is absolutely thrilling, I had hoped for something more unique since the series has been such a different experience from the start. Kim Young-kwang absolutely shines in this episode, and it’s hard not to root for him every step of the way.

However, it’s the ending that will leave a bad taste in your mouth because it’s a bit confusing as to why we don’t see things at least move towards some concrete answers. Like, I get the moral dilemma of it all – Eun-soo pondering over going into the drugs business just as Su-ah decides to come back into her life, and Kyeong having lost all of his hope after his family, his greatest strength, betrays him. But… there are still questions to be answered here! How are we being left in the dark right now?!

What are your thoughts on the Walking on Thin Ice ending? Let us know in the comments below!

Also Read: Walking on Thin Ice Season 1 Review