How Does “Squid Game” Season 1 End? Revisiting the Finale’s Mind-Blowing Twists, Major Deaths and Shocking Cliffhangers Ahead of Season 2

Netflix’s Squid Game took the world by storm with its thrilling and brutal depiction of survival, turning seemingly innocent childhood games into life-or-death challenges.

Starring Lee Jung-jae as Seong Gi-hun and Park Hae-soo as Cho Sang-woo, the Korean drama follows a group of financially struggling individuals — 456 to be exact — who are recruited to participate in a mysterious competition.

The players must compete in a series of traditional children’s games for the chance to win a life-changing cash prize, but the stakes are far deadlier than they appear. With each match eliminating contestants in shocking and violent ways, the show features themes of human desperation and the lengths people will go to stay alive.

As the season progresses, the tension builds to a gripping finale that pits Gi-hun and Sang-woo — childhood friends turned adversaries — against each other in the final game. The showdown forces Gi-hun to confront the moral cost of victory, culminating in a bittersweet ending. Although Gi-hun wins the prize, the experience leaves him emotionally scarred, leading to a cliffhanger that hints at a greater conspiracy behind the games.

After the series gained the title of Netflix’s biggest series launch ever with 111 million viewers, it earned multiple wins at the Emmy Awards, Golden Globes and SAG Awards. Now, more than three years since it first premiered, Squid Game has returned with season 2, which premiered on Dec. 26.

Before diving back into the dystopian thriller, here’s everything to know about the ending of Squid Game season 1.

Who wins in Squid Game season 1?

In the final game of season 1, childhood friends Gi-hun and Sang-woo face off in the titular Squid Game — their once-close bond shattered by the brutality of the competition.

Sang-woo’s willingness to betray others for survival clashes with Gi-hun’s desire to hold onto his humanity, even in the face of overwhelming pressure.

In a shocking twist, Gi-hun wins the game but refuses to claim his prize when Sang-woo takes his own life rather than face defeat and disgrace.

Despite being named the victor and earning the massive cash prize, Gi-hun is left emotionally shattered, grappling with the trauma of what he endured to obtain it.

How does Squid Game end?

The series closes with Gi-hun discovering the truth about the game's mastermind, Oh Il-nam (played by Oh Yeong-su), who reveals himself to be the enigmatic "Player 001." This revelation forces Gi-hun to confront the games' twisted origins and purpose, leaving viewers questioning the morality of wealth and power.

The final moments set up a major cliffhanger as Gi-hun — instead of boarding a plane to reconnect with his daughter — turns back with a determined look, seemingly ready to take on those behind the games.

What happens to Hwang Jun-Ho?

Hwang Jun-ho — the determined police officer played by Wi Ha-joon — plays a pivotal role in Squid Game season 1 as he secretly infiltrates the competition to find his missing brother.

Disguising himself as one of the masked workers, Jun-ho uncovers disturbing truths about the games, which he collects as evidence to expose the competition's horrors to the outside world.

Jun-ho’s investigation takes a tragic turn in later episodes when he discovers that his brother, Hwang In-ho, is not a victim but the Front Man overseeing the games.

In a heart-wrenching confrontation on a remote cliffside, In-ho reveals his identity and asks Jun-ho to stop his pursuit. When Jun-ho refuses to stand down, In-ho is forced to shoot him, causing Jun-ho to fall into the ocean below.

The series leaves Jun-ho’s fate ambiguous, as his body is never shown, sparking fan speculation about whether he survived the fall and will return in season 2.

Who is II-nam?

Perhaps one of the most shocking twists in Squid Game season 1 comes at the end when it’s revealed that II-nam was not just a participant but the mastermind behind the deadly games.

Throughout the series, II-nam is portrayed as a frail but kind-hearted player who forms a bond with Gi-hun. His apparent demise during the marble game is one of the season's most emotional moments, making the final reveal even more startling.

The truth unravels in the finale when Gi-hun is summoned to meet II-nam in a lavish building after winning the competition. II-nam explains that he created the games as a form of entertainment for himself and other wealthy elites who had grown bored with their vast fortunes. He admits to participating in the games to relive a sense of excitement before his terminal illness claimed his life.

Will Gi-hun go back in the game?

In the final moments of the season, Gi-hun is seen heading to the airport to reunite with his daughter in the U.S. However, he spots a man playing the same recruitment game, which originally lured him into the competition.

Gi-hun intervenes, taking the card and confronting the recruiter, but his anger is left unresolved. As he calls the mysterious number on the card, he is warned not to interfere. Despite this, Gi-hun turns away from his flight, walking off with a look of determination, seemingly ready to confront the people behind the games.

This ambiguous ending leaves viewers questioning whether Gi-hun intends to re-enter the games as a participant or to dismantle the operation from the inside.

The show’s creator, Dong-hyuk, revealed to Variety that the protagonist will be returning for season 2, and it'll be a different kind of experience.

“Season 2 is going to be about Gi-hun [being] faced with his memories of the first game — the experiences of going through a new realization and awakening and returning once again to the game in order to stop this unjust game,” he said.

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