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.