Purpose: This study explored the effect of sensation seeking and perceived risk on diving participants' happiness and participation behaviors. Methods: Judgement sampling method was utilized for data collection. A total of 310 questionnaires were distributed, with 303 valid questionnaires obtained. The data were analyzed with Pearson correlation and multiple regression analysis via the SPSS 23.0. Results: Results revealed that sensation seeking and perceived risk positively affected hedonic value and participation behaviors. Hedonic value also mediated the relationship between sensation seeking, perceived risk and participation behavior. Conclusion: Managerial implications and suggestions can benefit to diving operators for future business development.