This study evaluated the consumers’ demands and points of improvement for restaurant meal replacement through importance–performance analysis by the restaurant meal replacement segment market using food involvement. The results were as follows. First, after segmenting the restaurant meal replacement market using food involvement, it was classified into three markets (multiple involvements, exploration-oriented, and product quality-oriented). Second, an analysis of the importance of restaurant meal replacement selection attributes revealed taste, sanitation, quality, freshness, price, saving time, texture, ingredients, preparation process, and quantity to be highly important. An analysis of the differences according to the market type revealed the multiple involvement type to be more important than other groups, considering the restaurant meal replacement selection attribute element. Third, an analysis of the importance-performance analysis of restaurant meal replacement selection attributes revealed that quantity and price as the selection attributes that needed to be improved first in all three markets. In addition, in the multiple involvement type, food additives appeared as a selection attribute requiring priority improvement, revealing the characteristics of a market that cares about diet and health.