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This study aimed to identify the antecedents of emotional and functional values of festival participation. At the same time, it investigated the relative contribution of emotional and functional values to satisfaction levels and behavioral intentions. Structural equation modeling suggested that festival programs and convenient facilities positively influenced both functional and emotional values, whereas a natural environment positively affected only emotional value. The festival program contributed more to emotional value than to functional value, whereas a convenient facility was more associated with functional value. Emotional value contributed more strongly to both festival satisfaction and behavioral intentions. The findings are expected to aid in our understanding of visitors’ perceptions of festivals, so that they can be better managed and designed in the future.