The purpose of this study was to analyze the causal relationships of psychological variables such as participation motivation, psychosocial maturity, emotion, and continuous participation intention in order to evaluate mind-study program using a university liberal arts course. To that end, a survey was conducted to 129 university students who participated in this program and the theoretical model was analyzed. The results were as follows. First, participation motivation had significant influence on the maturity and emotion. Therefore, in order to increase the satisfaction level, participants’ motivations need to be highly considered. Second, it was found that the psychosocial maturity affects the continuous participation intention through emotion only. It implies that positive emotion has to be considered in progress of mind-study program. Third, it was found that participation motivation affects the continuous participation intention by means of the maturity and emotion as full mediations. This result showed that the continuous participation intention increases through the maturity and emotion experienced during the program and proved that mind-study program has been functioned beneficially as a university liberal arts course. Based on the findings of the study, the implications and limitations of this study, and directions for future research were provided.