This study investigated the difference of reference price, preference and quality perception of high functional underwear according to innovation cues. High functional underwear was selected as a research stimulus due to its technological innovative characteristics. A total of 93 male university students participated as subjects and data were collected by simple random experimental design operationalized with three types of innovation stimulus cues. Two types of internal reference price perception-expected price and fair price, preference, and 9 items of product quality perception-8 functional properties and overall quality of stimulus were measured with a questionnaire. The result supported the difference of reference price and quality perception by product innovation cue. The higher cue level group perceived two types of reference price and the overall quality higher than the lower cue level group. The difference of the expected price and fair price, the influence of functional properties on overall quality, and relations of the variables were discussed in depth.