This study investigated deficits in decision-making in binge drinking (BD) college students, using the Iowa Gambling Task (IGT) and the Prospect Valence Learning (PVL) model. Based on the Korean version of the Alcohol Use Disorder Identification Test (AUDIT-K) and Alcohol Use Questionnaire (AUQ) scores, BD (n = 40, 19 males and 21 females) and non-BD (n = 40, 6 males and 34 females) groups were determined. The IGT consisted of four cards, with two disadvantageous cards (A and B) resulting in a net loss, and two advantageous cards (C and D) resulting in a net gain. Decision-making ability was measured by the total net score and block net scores of the IGT. The PVL parameters, including feedback sensitivity, loss aversion, learning and response consistency, were estimated with the Markov chain Monte Carlo (MCMC) sampling scheme using OpenBUGS software in the BRugs package, which works from within R. The Mann-Whitney U-test was then used to analyze PVL parameters. The BD group exhibited a significantly lower total net score and block net score in the third block of the IGT, and selected the B card more frequently than the non-BD group. Additionally, the BD group had significantly lower values for feedback sensitivity, loss aversion, and learning parameters of the PVL model. Significant positive correlations between the total net score of the IGT and the values of the four PVL parameters were observed in all participants. These results indicated that college students who engeged in BD experienced deficits in decision-making, possibly explained by their failure to learn the expected value of each card and apply the experiences of previous trials to the present trial.