The 2016 Gyeongju earthquake (ML 5.8) was the largest instrumentally recorded inland event in South Korea. It occurred in the southeast of the Korean Peninsula and was preceded by a large ML 5.1 foreshock. The aftershock seismicity data indicate that these earthquakes occurred on two closely collocated parallel faults that are oblique to the surface trace of the Yangsan fault. We investigate the rupture properties of these earthquakes using finite-fault slip inversion analyses. The obtained models indicate that the ruptures propagated NNE-ward and SSW-ward for the main shock and the large foreshock, respectively. This indicates that these earthquakes occurred on right-step faults and were initiated around a fault jog. The stress drops were up to 62 and 43 MPa for the main shock and the largest foreshock, respectively. These high stress drops imply high strength excess, which may be overcome by the stress concentration around the fault jog.