Under the deal, the Korean company will deliver the trainer jets within 30 months.
Thailand has selected the KAI T-50TH over the Chinese-made L15 to replace aging trainer aircraft for its Air Force.
Thailand has been operating L39 trainer jets made by the Czech Republic, and is replacing them as it has been more than 30 years since their production.
At the end of last year, the Thai government approved a budget to purchase four new trainers.
Competitors in a bidding battle included the United States, Russia and Italy as well as Korea and China.
Sixteen T-50 were exported to Indonesia in 2011.
Korea had also signed a deal with Iraq to export 24 T-50IQs in 2013, and with the Philippines to export 12 FA-50PHs, a light combat version of the T-50, in 2014.
South Korea government is also seeking to sell 24 FA-50s to Peru by participating in the country's fighter purchase project.
koreatimes
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