The purpose of this study was to examine fashion counterfeit purchasing behavior among female college students.497 female college students living in Seoul were surveyed for this study. For data analysis, descriptive statistics, factor analysis, and t-test were used. As the results, approximately 54% of respondents had purchased fashion counterfeits before. Among fashion counterfeit products, handbag, apparels, shoes and accessories were frequently purchased by them. For materialism instrument, three factors of materialism were found and labeled as happiness, ownership, and economic factors. Three factors of shopping values were also identified as hedonic, utilitarian, and social shopping values. There were statistically significant differences between purchasing group and non-purchasing group in terms of materialism and shopping values; that is, those who had purchased fashion counterfeits showed higher scores on materialism and hedonic and social shopping value than those who had not.