The numbers of multi-year droughts due to climate change are increasing worldwide. Boryeong Dam, located in Chungcheongnam-do, South Korea, was also affected by a 4-year drought from 2014 to 2017. Since traditional unilateral decision making processes to alleviate drought damage have, until now, resulted in conflicts between many of the involved groups, the need for active participation from both stakeholders and policymakers is greater than before. This study introduced Shared Vision Planning, a collaborative decision making process that involves participation from various groups of stakeholders, by organizing Water Policy Council for Climate Change Adaptation in Chungcheongnam-do. A Shared Vision Planning Model was then developed with a system dynamics software by working together with relevant stakeholders to actively reflect their requests through three council meetings. Multiple simulations that included various future climate change scenarios were conducted, and future drought vulnerability analysis results of Boryeong Dam and districts, in terms of frequency, length, and magnitude, were arrived at. It was concluded that Boryeong Dam was more vulnerable to future droughts than the eight districts. While the total water deficit in the eight districts was not so significant, their water deficit in terms of spatial discordance was proved to be more problematic. In the future, possible alternatives to the model will be implemented so that stakeholders can use it to agree on a policy for possible conflict resolutions.