The purpose of this study was to explore the relationships among travel motivations, satisfaction, and loyalty. A cause-effect model was constructed, the two variables push and pull were taken as antecedents, satisfaction was taken as mediated variable, and loyalty was taken as effect variable in our cause-effect model, and their relationships were subjected to testing using the structural equation modeling (SEM) approach. A structural questionnaire was developed as a survey tool. Penghu tourism was selected to be the research scope; the visitors were selected to be the study samples, a total of 618 valid questionnaires were collected for analysis. The findings of this study indicate that the structural model employed fits the data very well: pull have significant direct effects on satisfaction; while push has no significant direct effects on satisfaction, satisfaction have significant direct effects on visitors' loyalty, both push and pull have significant direct effects on visitors' loyalty as well. All in all, pull plays to be a key driving force of loyalty. On the basis of the research results, ample and concrete managerial suggestions are offered to formulate the tourism strategy and development in Penghu.