I've answered this question previously for a similar thread (and I continue to update/edit it). Maybe it's just because I'm a person that ADORES lists of any kind, or I'm an overachiever that goes overboard :P .....but I've actually separated it out not just what I feel is overrated, but based on the average MDL (MyDramaList) rating. If a drama goes more than 1 point (either under or over) of what I would personally rate it as, I would consider it (by MDL standards) over or underrated. But that's a separate list from dramas I feel like are actually under/overrated (which I'll also include :P):
Overrated by MDL Standards:
Kang Koo's Story - Average MDL Rating: 7.7 ; My Rating: 1
Aftermath Season 2 - Average MDL Rating: 7.4 ; My Rating: 2
Aftermath - Average MDL Rating: 7.2 ; My Rating: 2.5
Faith - Average MDL Rating: 8.2 ; My Rating: 2.5
Orange Marmalade - Average MDL Rating: 7 ; My Rating: 3.5
Boys over Flowers - Average MDL Rating: 8 ; My Rating: 4.5
Oh My Venus - Average MDL Rating: 8.4 ; My Rating: 4.5
The Heirs - Average MDL Rating: 7.6 ; My Rating: 5
The point where I start liking the dramas, but they are still considered Overrated by MDL Standards:
Tatta Hitotsu no Koi - Average MDL Rating: 7.8 ; My Rating: 5.5
Secret Garden - Average MDL Rating: 8.6 ; My Rating: 6.5
Pinocchio - Average MDL Rating: 8.8 ; My Rating: 7
Witch's Romance - Average MDL Rating: 8.2 ; My Rating: 7
Love Me If You Dare - Average MDL Rating: 8.9 ; My Rating: 7
Full House (Thai) - Average MDL Rating: 8.8 ; My Rating: 7.5
Within 1 Point of Difference:
Noble My Love - Average MDL Rating: 8.1 ; My Rating: 7.5
Coffee Prince - Average MDL Rating: 8.4 ; My Rating: 7.5
Secret - Average MDL Rating: 8.6 ; My Rating: 8
Fated to Love You - Average MDL Rating: 8.4 ; My Rating: 8
My Girlfriend is a Gumiho - Average MDL Rating: 8.3 ; My Rating: 8.5
City Hunter - Average MDL Rating: 8.7 ; My Rating: 9
Healer - Average MDL Rating: 8.9 ; My Rating: 9
Splash Splash LOVE - Average MDL Rating: 8.9 ; My Rating: 9.5
I Hear Your Voice - Average MDL Rating: 9 ; My Rating: 9.5
Kill Me, Heal Me - Average MDL Rating: 9 ; My Rating: 10
Underrated by MDL Standards:
It's Okay, That's Love - Average MDL Rating: 8.8 ; My Rating: 10
Master's Sun - Average MDL Rating: 8.9 ; My Rating: 10
Scent of a Woman - Average MDL Rating: 8.3 ; My Rating: 10
The Greatest Love - Average MDL Rating: 8.2 ; My Rating: 10
You Who Came From the Stars - Average MDL Rating: 8.9 ; My Rating: 10
The Princess' Man - Average MDL Rating: 8.7; My Rating: 10
My actual opinion on overrated/underrated stuff?
I think the most CLASSIC, textbook case of overrated dramas are Boys over Flowers & Heirs. And for some reason sooooo many people go crazy over Faith, but...I just can't even with that show. 24 hours of my life....wasted. But a new one I want to add into the overrated category: Oh My Venus.
Dramas that I liked but didn't feel quite warranted the hype to amount the rating they got? - Secret Garden, Pinocchio, Witch's Romance, Love Me if You Dare, Full House (Thai)....All these dramas are "good"...just not as good as the rating they achieved.
There aren't really any dramas that I think are blatantly underrated (at least none I've watched so far), but there are a couple that I'm not sure why they aren't talked about (even more than what they currently are): Scent of a Woman & The Greatest Love.