Although craft beer has been gaining attention in the alcoholic beverage industry, few studies have focused on the consumer dynamics of consumption behaviors. This study identifies the relationships among intrinsic/extrinsic motivational factors, personal involvement, and craft beer consumption. We propose and test a model in which intrinsic and extrinsic motivations are interacted to predict craft beer consumption and personal involvement with craft beer. This study identifies how intrinsic/extrinsic motivations affect consumer behavior and personal involvement, finding a moderating role for extrinsic motivation and a mediating role for intrinsic motivation in creating personal involvement. The findings of this study suggest that effective marketing strategies for craft beer should emphasize the distinctive aspects and personalized characteristics of craft beer to differentiate it from mass-produced beer. The results provide insight into how motivational factors and personal involvement affect craft beer consumers’ consumption behavior. Few studies have examined a holistic model of craft beer consumers and their consumption behavior from a psychometric perspective; therefore, the study contributes to the literature by expanding the understanding of consumer behaviors in the craft beer market by examining the roles of intrinsic/extrinsic motivation and personal involvement as predictors of consumption behavior.