YOLO has not only negative meanings such as impulsive buying or over-consumption, but also positive meanings such as egoistic value consumption boldly investing in values that one pursues or products that give joy to one’s life without being conscious of others. However, empirical studies on these conflicting views have not been conducted yet. Therefore, through a survey and structural equation modeling, this study attempts to find out which consumption behavior YOLO has a greater causal relationship between impulsive buying and egoistic value consumption. In addition, we attempt to determine whether YOLO has a mediating effect on consumption happiness through impulsive buying and egoistic value consumption. As a result, YOLO has significant direct relationships with affective impulse buying, cognitive impulse buying, egoistic value consumption, and consumption happiness. Affective impulsive buying does not affect consumption happiness, but cognitive impulsive buying and egoistic value consumption have effects on consumption happiness. In the relationship between YOLO and consumption happiness, cognitive impulse buying and egoistic value consumption have partial mediating effects, but there is no mediating effect through affective impulse buying. The theoretical and practical implications for these results were presented.