: This study identifies factors of perceived risk of up-cycling fashion products and investigates perceived risk factors that influence consumers' trust, purchase intention, and recommendation intention towards upcycling fashion products. We also examine the relationship of trust, purchase intention, and recommendation intention for upcycling fashion products. A qualitative research method using a free narrative form and depth interview were used. The perceived risk from up-cycling fashion products generated 5 factor solutions: aesthetic risk, sanitary risk, social risk, performance risk, and economic risk. Next, 201 effective data were collected from a questionnaire survey and analyzed with SPSS 22.0. The results are summarized as follows. First, aesthetic risk and performance risk had a negative effect on products. Second, aesthetic risk and performance risk had negative influence on purchase intention for upcycling fashion products. Third, performance risk had a negative impact on recommendation intention for upcycling fashion products. Fourth, trust had positive effect on purchase intention and recommendation intention for upcycling fashion products. The results of the current study provides various theoretical and practical implications for marketers and retailers interested in up-cycling fashion products.