The purpose of this study is to examine the positive effects of perceived overqualification. For testing hypotheses in this study, data were collected from 458 employees. In this study we found three main results. First, this study investigated a moderating effect of peer based perceived overqualification on the relationship between perceived overqualification and organization based self-esteem. Second, this study found an indirect effect of perceived overqualification on job crafting via organization based self-esteem. Third, job autonomy had a significant moderating effect on the relationship between organization based self-esteem and job crafting. These findings were contrast to most previous studies which focused on negative organizational behaviors of perceived overqualification such as turnover, counterproductive work behavior(CWB). Therefore, this study suggests that perceived overqualification does not always lead to negative consequences and future perceived overqualification research should be conducted by new viewpoint.