Atmospheric correction (AC) for coastal waters is an important issue in ocean color remote sensing. AC performance is fundamental in retrieving reliable water-leaving radiances and then bio-optical parameters. Unlike polar-orbiting satellites, geostationary ocean color sensors allow high-frequency (15–60 min) monitoring of ocean color over the same area. The first geostationary ocean color sensor, i.e., the Geostationary Ocean Color Imager (GOCI), was launched in 2010. Using GOCI data acquired over the Yellow Sea in summer 2017 at three principal overpass times (02:16, 03:16, 04:16 UTC) with ±1 and ±3 h match-up times, this study compared four GOCI AC algorithms: (1) the standard near infrared (NIR) algorithm of NASA (NASA-STD), (2) the Korea Ocean Satellite Center (KOSC) standard algorithm for GOCI (KOSC-STD), (3) the diffuse attenuation coefficient at 490 nm Kd (490)-based NIR correction algorithm (Kd-based), and (4) the Management Unit of the North Sea Mathematical Models (MUMM). The GOCI-estimated remote sensing reflectance (Rrs), aerosol parameters [aerosol optical thickness (AOT), Angström Exponent (AE)], and chlorophyll-a (Chla) were validated using in situ data. For Rrs, AOT, AE, and Chla, GOCI-retrieved results performed well within the ±1 h temporal window, but the number of match-ups was extended within the ±3 h match-up window. For ±3 h GOCI-derived Rrs, all algorithms had an absolute percentage difference (APD) at 490 and 555 nm of 60%). Compared with in situ values, the APD of the Rrs(490)/Rrs(555) band ratio was 40% and >200%, respectively. Of the four algorithms, the KOSC-STD algorithm demonstrated satisfactory performance in deriving Rrs for the region of interest (Rrs APD: 22.23%–73.95%) in the visible bands. The Kd-based algorithm worked well obtaining Ocean Color 3 GOCI Chla because Rrs(443) is more accurate than the KOSC-STD. The poorest Rrs retrievals were achieved using the NASA-STD and the MUMM algorithms. Statistical analysis indicated that all methods had optimal performance at 04:16 UTC.