diff --git a/app/Http/Controllers/Api/V1/SubscriptionController.php b/app/Http/Controllers/Api/V1/SubscriptionController.php
index 595c777c..371c4d26 100644
--- a/app/Http/Controllers/Api/V1/SubscriptionController.php
+++ b/app/Http/Controllers/Api/V1/SubscriptionController.php
@@ -8,13 +8,17 @@
 use App\Http\Requests\V1\Subscription\SubscriptionCancelRequest;
 use App\Http\Requests\V1\Subscription\SubscriptionIndexRequest;
 use App\Http\Requests\V1\Subscription\SubscriptionStoreRequest;
+use App\Services\ExportService;
 use App\Services\SubscriptionService;
 use Illuminate\Http\JsonResponse;
+use Symfony\Component\HttpFoundation\BinaryFileResponse;
+use Symfony\Component\HttpKernel\Exception\NotFoundHttpException;
 
 class SubscriptionController extends Controller
 {
     public function __construct(
-        private readonly SubscriptionService $subscriptionService
+        private readonly SubscriptionService $subscriptionService,
+        private readonly ExportService $exportService
     ) {}
 
     /**
@@ -117,12 +121,12 @@ public function usage(): JsonResponse
     }
 
     /**
-     * 내보내기 요청
+     * 내보내기 요청 (동기 처리)
      */
     public function export(ExportStoreRequest $request): JsonResponse
     {
         return ApiResponse::handle(
-            fn () => $this->subscriptionService->createExport($request->validated()),
+            fn () => $this->subscriptionService->createExport($request->validated(), $this->exportService),
             __('message.export.requested')
         );
     }
@@ -137,4 +141,24 @@ public function exportStatus(int $id): JsonResponse
             __('message.fetched')
         );
     }
+
+    /**
+     * 내보내기 파일 다운로드
+     */
+    public function exportDownload(int $id): BinaryFileResponse
+    {
+        $export = $this->subscriptionService->getExport($id);
+
+        if (! $export->is_downloadable) {
+            throw new NotFoundHttpException(__('error.export.not_found'));
+        }
+
+        $filePath = storage_path('app/'.$export->file_path);
+
+        if (! file_exists($filePath)) {
+            throw new NotFoundHttpException(__('error.export.not_found'));
+        }
+
+        return response()->download($filePath, $export->file_name);
+    }
 }
diff --git a/app/Services/SubscriptionService.php b/app/Services/SubscriptionService.php
index c4741c1b..21bb73a2 100644
--- a/app/Services/SubscriptionService.php
+++ b/app/Services/SubscriptionService.php
@@ -10,6 +10,7 @@
 use App\Models\Tenants\Tenant;
 use Illuminate\Contracts\Pagination\LengthAwarePaginator;
 use Illuminate\Support\Facades\DB;
+use Illuminate\Support\Facades\Log;
 use Symfony\Component\HttpKernel\Exception\BadRequestHttpException;
 use Symfony\Component\HttpKernel\Exception\NotFoundHttpException;
 
@@ -408,13 +409,19 @@ public function usage(): array
     // =========================================================================
 
     /**
-     * 내보내기 요청 생성
+     * 내보내기 요청 생성 (동기 처리)
      */
-    public function createExport(array $data): DataExport
+    public function createExport(array $data, ExportService $exportService): DataExport
     {
         $tenantId = $this->tenantId();
         $userId = $this->apiUserId();
 
+        // 5분 이상 stuck된 pending/processing 내보내기 자동 만료 처리
+        DataExport::where('tenant_id', $tenantId)
+            ->whereIn('status', [DataExport::STATUS_PENDING, DataExport::STATUS_PROCESSING])
+            ->where('created_at', '<', now()->subMinutes(5))
+            ->each(fn (DataExport $e) => $e->markAsFailed('시간 초과로 자동 만료'));
+
         // 진행 중인 내보내기가 있는지 확인
         $pendingExport = DataExport::where('tenant_id', $tenantId)
             ->whereIn('status', [DataExport::STATUS_PENDING, DataExport::STATUS_PROCESSING])
@@ -432,10 +439,67 @@ public function createExport(array $data): DataExport
             'created_by' => $userId,
         ]);
 
-        // TODO: 비동기 Job 디스패치
-        // dispatch(new ProcessDataExport($export));
+        // 동기 처리: 즉시 파일 생성
+        try {
+            $export->markAsProcessing();
 
-        return $export;
+            $exportData = $this->getSubscriptionExportData($data['export_type'] ?? DataExport::TYPE_ALL);
+            $filename = 'exports/subscriptions_'.$tenantId.'_'.date('Ymd_His').'.xlsx';
+
+            $exportService->store(
+                $exportData['data'],
+                $exportData['headings'],
+                $filename,
+                '구독관리'
+            );
+
+            $filePath = storage_path('app/'.$filename);
+            $fileSize = file_exists($filePath) ? filesize($filePath) : 0;
+
+            $export->markAsCompleted(
+                $filename,
+                basename($filename),
+                $fileSize
+            );
+        } catch (\Throwable $e) {
+            Log::error('구독 내보내기 실패', ['error' => $e->getMessage()]);
+            $export->markAsFailed($e->getMessage());
+        }
+
+        return $export->fresh();
+    }
+
+    /**
+     * 구독 내보내기 데이터 준비
+     */
+    private function getSubscriptionExportData(string $exportType): array
+    {
+        $tenantId = $this->tenantId();
+
+        $query = Subscription::query()
+            ->where('tenant_id', $tenantId)
+            ->with(['plan:id,name,code,price,billing_cycle']);
+
+        $subscriptions = $query->orderBy('started_at', 'desc')->get();
+
+        $headings = ['No', '요금제', '요금제 코드', '월 요금', '결제주기', '시작일', '종료일', '상태', '취소일', '취소 사유'];
+
+        $data = $subscriptions->map(function ($sub, $index) {
+            return [
+                $index + 1,
+                $sub->plan?->name ?? '-',
+                $sub->plan?->code ?? '-',
+                $sub->plan?->price ? number_format($sub->plan->price) : '0',
+                $sub->plan?->billing_cycle === 'yearly' ? '연간' : '월간',
+                $sub->started_at?->format('Y-m-d') ?? '-',
+                $sub->ended_at?->format('Y-m-d') ?? '-',
+                $sub->status_label,
+                $sub->cancelled_at?->format('Y-m-d') ?? '-',
+                $sub->cancel_reason ?? '-',
+            ];
+        })->toArray();
+
+        return ['data' => $data, 'headings' => $headings];
     }
 
     /**
diff --git a/routes/api/v1/finance.php b/routes/api/v1/finance.php
index 3311abc6..f7e4305b 100644
--- a/routes/api/v1/finance.php
+++ b/routes/api/v1/finance.php
@@ -256,6 +256,7 @@
     Route::get('/usage', [SubscriptionController::class, 'usage'])->name('v1.subscriptions.usage');
     Route::post('/export', [SubscriptionController::class, 'export'])->name('v1.subscriptions.export');
     Route::get('/export/{id}', [SubscriptionController::class, 'exportStatus'])->whereNumber('id')->name('v1.subscriptions.export.status');
+    Route::get('/export/{id}/download', [SubscriptionController::class, 'exportDownload'])->whereNumber('id')->name('v1.subscriptions.export.download');
     Route::get('/{id}', [SubscriptionController::class, 'show'])->whereNumber('id')->name('v1.subscriptions.show');
     Route::post('/{id}/cancel', [SubscriptionController::class, 'cancel'])->whereNumber('id')->name('v1.subscriptions.cancel');
     Route::post('/{id}/renew', [SubscriptionController::class, 'renew'])->whereNumber('id')->name('v1.subscriptions.renew');