Cha scored 92.72 points with 50.08 technical elements and 42.64 in program components, below his personal best of 101.33 but above his previous season best of 91.60 set at last November's NHK Trophy in Osaka, Japan.
With his sixth-place finish among 29 skaters, he advanced to the free skate, where the top 24 will compete for medals on Friday.
Cha, competing in his third consecutive Olympics after Pyeongchang in 2018 and Beijing in 2022, is the second South Korean figure skater to make three straight Olympic appearances, following Jeong Seong-il, who competed at the Games in Calgary in 1988, Albertville in 1992 and Lillehammer in 1994.
Cha finished 15th at Pyeongchang and then placed fifth at Beijing, the best results ever achieved by a South Korean skater in the men's figure skating.
After winning gold at the Asian Winter Games in Harbin last year, Cha is aiming to become the first South Korean man to win an Olympic figure skating medal.
"I'm happy I was able to do what I prepared for," Cha said in an interview after finishing his short program. "I'll do my best until the end."
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