He was slain by Ashen-Shugar at the end of the Chaos Wars, being the last Valheru to be killed.
He returned briefly to activate the Lifestone but was slain again by Tomas/Ashen-Shugar.
Draken-Korin's dragon, thought to be slain, was actually kept out of Midkemia by Draken-Korin. He was sent to guard Macros the Black in the City Forever, and was once again slain by Tomas Megarson (Ashen-Shugar), Pug conDoin and Ryath.
At the end of A Kingdom Besieged, it was implied that Drakin-Korin was returning to the world of Midkemia in much the same fashion as Ashen-Shugar did through Tomas. A mercenary named Braden fought his way past the Tiger Men in Novindus and stumbled into Drakin-Korin's stronghold. Upon discovering a suit of armor he tries it on as his life slips away due to a mortal wound inflicted by the Tiger Men. In his mind he hears a name over and over, "Draken-Korin" indicating that he would return in the body of the dying man healing his wounds and taking to the skies once more on the back of a Black Dragon.
In Magician's End, Thomas, motivated by dreams and visions, uses his Valheru powers to fly to a mountain range known as Dragon's Eyre, where he meets Draken-Korin. Surrounded by thousands of dragons (including Rylan, on of Ryath's descendants), Draken-Koren (in the body of Braden) and Ashen-Shugar (in the body of Thomas) begin a third duel. Both face exhaustion after days of battle. Using mind-speech, the dragons tell Thomas that he must die in order to defeat Draken-Korin. By allowing his Valheru side to almost completely overpower his human side, Thomas/Ashen-Shugar regains some of his lost power, and is able to defeat Draken-Koren for a third and final time.