Objective Cognitive approaches to obesity management assume that weight loss is more likely to occur if individuals perceive many benefits and few costs. Research to-date has been limited by the lack of prospective studies. Methods A longitudinal study design. At baseline, obese patients attending weight-management clinics ( n = 104) completed a questionnaire that assessed knowledge and beliefs regarding obesity's health and social/aesthetic consequences (Obesity Risk Knowledge (ORK-10) scale and the Obesity Beliefs scale), self-reported weight/height, goal weight, health-related quality of life, and sociodemographic characteristics. Medical records were also reviewed. At the 12-month follow-up, a second questionnaire assessed self-reported weight/height. Results At baseline, average ORK-10 scale scores were 4/10. At follow-up, 32 out of the 66 participants retained on the study did not gain weight (48.5%). For these participants, weight loss was associated with endorsement of the health ( r s = 0.40) and the social/aesthetic ( r s = 0.31) costs of obesity ( p < 0.05). Conclusion Despite their high-risk status, participants demonstrated low levels of knowledge regarding obesity's health risks. Weight loss was associated with greater awareness of the health and social/aesthetic costs of obesity. Practice Implications This study suggests that health education is required to facilitate informed choices and supports the use of cognitive approaches which promote both the health and social/aesthetic consequences of obesity.