This study tested the structural equation model among skiers’ perceived risks, perceived performance, emotional response, and overall satisfaction. The model consisted of 5 latent constructs and 8-path hypothesis, based on 315 questionnaires completed by skiers of Phoenix Park and Sungwoo Ski Resort in Korea. Skiers’ positive emotional response and perceived performance were found to be negatively influenced by perceived risk, and overall satisfaction was closely influenced by positive emotional response. Likewise, perceived performance was negatively influenced by negative emotional response. Nonetheless, the hypothesized path relationships between perceived risk and negative emotional response and between perceived performance and positive and negative emotional response were rejected. In conclusion, the skiers’ perceived risk and emotional experience could be useful in formulating management strategies for ski resorts and in understanding skiing activities.