Ahead of the meeting Park Geun-hye warned of possible “reckless provocations” by the North and called for increased border vigilance.
Last week’s execution of Jang Sung-taek left the region in a “grave and unpredictable” situation, she said.
Jang Sung-taek, a key figure in North Korea, was executed for allegedly planning a coup.
The move – together with the recall of a North Korean business team from China – prompted concerns that Jang Sung-taek’s associates were being purged as part of a campaign by Kim Jong-un to consolidate his power.
China’s foreign minister, Wang Yi, said he believed an “important change” was taking place inside North Korea.
China – which in state media has called for Kim Jong-un to visit Beijing – was “closely watching” the situation, Wang Yi said.
“Given the latest development in the North, it is uncertain in what direction its political situation would evolve,” Park Geun-hye said early on Monday.
“We also can’t rule out the possibility of contingencies such as reckless provocations,” she added.
President Park Geun-hye later met her foreign affairs and security officials in a specially convened session to discuss events in the North.
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