The purpose of this study was to examine the relationships between rail cruise tourist’s benefit, tourist’s perceived value, satisfaction and loyalty in the case of Hae Rang Train. In addition, this study investigated the mediated effect of tourist’s perceived value and satisfaction on the causal relationship between rail cruise tourist’s benefit and satisfaction and between tourist’s perceived value and loyalty. A sample of 222 tourists in Hae Rang Train (Aura, Haeoreum, Cimile) was used to test the hypotheses of this study. Rail cruise tourist’s benefit was composed with six dimensions such as psychological benefit(PSB), educational benefit(EB), social benefit(SB), relaxative benefit(RB), physiological benefit(PHB) and aesthetical benefit(AB). We found that tourist’s perceived value has fully mediated effects between PSB and satisfaction. The examination also showed that tourist’s perceived value has partially mediated effects between EB, SB, PHB, AB and satisfaction. The results contribute to understand tourist’s behavior and to introduce new concept called rail cruise in tourism resources development.