The purpose of this study was to determine the effects of humorous and exaggerated advertising appeals on consumer attitudes and purchase intentions, and the moderating role of consumer involvement and perceived risk. A 2×2(high-humor / low-humor vs. high-exaggeration / low -exaggeration) experiment was designed, and 233 samples were collected. The results indicated that (a) high-humor and low-exaggeration appeals produce stronger consumer attitudes and purchase intentions than low-humor and high-exaggeration appeals do, and (b) the effects of humorous and exaggerated advertising appeals on consumer attitudes and purchase intentions are moderated by consumer involvement and perceived risk. Based on these findings, this paper offers suggestions for future advertising campaigns.