This study examined sightseeing train not as a mean of transportation but as a tourism resource itself. Particularly, this study was to investigate the relationship between the rail cruise users` benefit sought, perceived value, satisfaction and loyalty. Data were collected from the 203 customers of Hae-Rang rail cruise, which is one of the luxurious rail cruises in Korea, from May to July 2011. Results showed that in terms of the customers` benefit sought, the respondents of Hae-Rang rail cruise pursued relaxation and excitement rather than exploration. Results also empirically supported the impact of benefit sought on the perceived value, the impact of perceived value on the satisfaction, and finally the influence of satisfaction on the loyalty. However, there was no significant relationship between benefit sought and customer satisfaction. Also, perceived value and customer loyalty did not have a significant relationship. Theoretical and practical implications were discussed based on the results for marketers of the Hae-Rang Rail Cruise.