This study examines the evolution of populism in South Korea by analyzing the rhetoric of its two mainstream political parties, the People Power Party (PPP) and the Democratic Party of Korea (DPK), from 2012 to 2022. Utilizing a longitudinal content analysis of party statements and employing advanced large language models (LLMs) for classification, the findings reveal three key trends. First, populist rhetoric has increased over time across both parties. Second, its usage intensifies during election periods and when parties are in opposition. Third, among different forms of populism, sectarian populism, marked by moral polarization and hostility toward political opponents, emerges as the most prominent. These findings contribute to the broader understanding of populism’s role in third-wave democracies, illustrating its implications for democratic stability and the entrenchment of political sectarianism.