The Regret for Pyeonchang song was produced and uploaded to the video-sharing platform by an account called "Boy Bugs".
The song criticises the South Korean government for turning the Olympics into North Korea's propaganda tool, among other decisions around the Games.
벌레소년 평양올림픽,, 까는 노래 나왔다
The four-minute long rap video has been watched almost a million times in the past week. More than 35,000 people liked - and 2,400 disliked - the video.
The term "Regret For Pyeongchang" has been trending on Naver and Daum, two major Korean websites, since Monday 30 January.
35000명 좋아요 2400명 싫어요,
The song complains about the South Korean national flag being hidden, replaced by the North Korean flag. It says there is no "fairness or hope" for South Korea's women ice hockey players, who will play in a joint team with the North at the games.
The song also replaces the name of South Korean host city Pyeongchang with Pyongyang, the North Korean capital.
북한국기 나오고 태극기 사라짐 ,, 평창대신 평양을 사용
아이스 하키 팀 남북 합작에 공정성과 희망 사라졌다고,,,,
Adrien Kim, an influential Facebook user with more than 9,000 followers, commented: "I would like to see this song getting more than 100 million views. I wonder why South Korea has to cave in to everything to make North Korea feel better.
"I don't understand why South Korea's women ice hockey players have to make a sacrifice just because the South Korean government is fond of North Korea?"
A Naver user posted: "The song helps South Korean people in their 20s and 30s to gather and voice their complaints about the government's irrational behaviours."
"I agree with every single lyric of the song. It's the best song of 2018. I really want president Moon Jae-in and his supporters to listen to it," said another user.
페북유저 의 내용동,, 1억뷰까지 가면 좋겠다고,, 그리고 모든 내용에 동의한다고 ㅋㅋㅋ
벌레게이야 ,, 대박이다 너