In today`s globalized society, many countries have taken advantage of their country brand image as a symbol of their country`s competitive power. To manage country brand image effectively, it is needed to investigate an empirical research which factors most significantly effect country brand image. This study examined the relationship between each factor constructing country brand image and foreign tourists` perceived values using the SEM. As a result, the factors shown to positively affect tourist`s perceived values are culture and tourism, economy, people, and the relationship with their home country. Among the factors which influence country brand image, culture and tourism have the most significant power affecting tourist`s perceived value. However, political factors negatively influence the perceived value which implies that Korea`s political and welfare system should be more stable and improved. The perceived value influenced tourists` satisfaction and behavioral intention, showing that satisfaction plays a key role as a mediator between perceived value and behavioral intention.