The list of over 9,000 artists in film, theatre, music and literature came to light late last year when a number of local media outlets published it.
Many on the list had voiced support for opposition parties, or criticised or satirised the administration of now-impeached President Park Geun-Hye or past army dictatorships.
The list reads like a Who's Who of Seoul's arts scene. It includes novelist Han Kang, winner of the 2016 Man Booker International Prize, and "Oldboy" film director Park Chan-Wook, who won the Grand Prix at Cannes in 2004.
Cultural officials were ordered to stop offering state aid to the plays, films or other projects involving "left-leaning" artists on the list.
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"I deeply apologise for letting the controversial blacklist cause so much pain and disappointment among the public," she said.
Cho, culture minister since last September, is accused of playing a key role in creating the list while serving as Park's adviser in political affairs from 2014-2015.
Cho has denied the accusations, saying she had not been aware of the list until recently.
"We believe that the list, aimed at ruling out certain artists from state support, seriously damaged the public's freedom of expression," said a spokesman for the special prosecutors' team investigating the wide-ranging scandal surrounding President Park.
"Those who made the list and carried out its orders will be held accountable sternly," Lee Kyu-Chul told reporters.
The prosecutors are expected to quiz Cho and a former presidential chief of staff who is accused of leading the project to create the list with Park's approval.
"The list dialled back our history to the 1970s...Based on an anachronistic and unconstitutional way of thinking," the main opposition Democratic Party said in a recent statement, likening it to "21st century McCarthism".
Park, daughter of late army-backed dictator Park Chung-Hee who ruled with an iron fist from 1961-1979, was impeached by parliment last month over a major influence-peddling scandal.