Upcycling is the process of repurposing abandoned resources or useless products into products of better quality or higher environmental value. Upcycling products are evaluated to be sustainable because they demonstrate environmental values. However, domestic upcycling companies are operating on a small scale with a slow growth rate. This study aims to examine the value and risk factors of upcycling products from previous literature and clarify the effect of these ambivalent characteristics on purchase intention. This provides direction regarding factors upcycling companies should focus on. The data were collected via an online experiment with women in their 20s and 30s residing in South Korea, nationwide. The data were statistically analyzed using SPSS 21.0 and AMOS 18.0. Analysis of this data suggests that environmental, design, and self-expression value positively affect purchase intention. This extends previous upcycling literature by identifying design and self-expression value as important antecedents of purchase intention. However, in contrast to previous literature, no significant effect of performance or diversity risk was found. These results indicate that ethical attitude has a moderating effect on the relationship between environmental value and purchase intention. This study confirms that consumers intend to purchase upcycling products when they possess not only environmental value but also design and self-expression value.