Snowboarder Zoi Sadowski-Synnott (16) of Wanaka carried the flag after being bestowed the honour for ending the country's 26-year Winter Olympic medal drought.
"Only a few people get to do it, which is crazy," Sadowski-Synnott, who won bronze, said on Sunday.
"I hope I represent our team, New Zealand, well. It's really cool being able to walk with all the other flagbearers."
Later, she was joined by fellow bronze winnning medallist Nico Porteous to carry the. The 16-year-old is also based in Wanaka.
Athletes danced and sang together in 1degC temperatures at the vibrant ceremony as South Korea brought the curtain down on its "Peace Games".
US President Donald Trump's daughter Ivanka attended and sat in the same box with Kim Yong Chol, vice chairman of North Korea's ruling Worker's Party Central Committee.
They did not appear to interact when South Korean President Moon Jae-in shook hands with dignitaries at the beginning of the ceremony.
