Purpose: The purpose of this study was to develop and test an explanatory model of dyspnea in patients with chronic lung disease (CLD). Methods: Participants were 181 patients with CLD, recruited from the outpatient pulmonary clinic of one university hospital in Korea. Data were collected using questionnaires, as well as measurement of 6-minute walking distance (6MWD), oxygen saturation ($SpO_2$), FEV1% predicted, and Body Mass Index (BMI). Results: The results indicated a good fit between the proposed dyspnea model and the collected data [$x^2$=91.27, p= .13, $x^2$/d.f.=1.17, Normal Fit Index= .934]. Oxygenation ($SpO_2$, = -.530), self-efficacy (= -.429), anxiety (= .253), depression (= .224), exercise endurance (6MWD, = -.211), and pulmonary function (FEV1% predicted, = -.178) had a direct effect on dyspnea (all p< .05) and these variables explained 74% of variance in dyspnea. BMI, smoking history, and social support had an indirect effect on dyspnea. Conclusion: The findings of this study suggest that comprehensive nursing interventions should focus on recovery of respiratory health and improvement of emotions, exercise ability, and nutritional status. From this perspective, pulmonary rehabilitation would be an effective strategy for managing dyspnea in patients with CLD.