With the rapid development of the VR market, virtual experience has increasingly been the object of study in recent years. A growing number of studies have reported the positive effect that virtual experience can have on a user’s mood and loyalty. However, few studies have investigated the influence of the mechanism of virtual experience on users’ mood and loyalty. To compensate for this research gap, this study aims to evaluate consumers’ virtual experience by examining the flow state in a virtual environment. A total of 368 valid questionnaires were collected, and a structural equation modeling approach was employed in the data analysis. The study reveals that forming flow involves many factors: the intrinsic characteristics of the mediated environment, the consumer’s assumptions and perceptions prior to entering the flow state, the stage at which the customer enters the flow state, and the consequences of the flow experience.