This exploratory study conceptualizes psychological ownership (PO)—a state in which individuals feel as though the target of ownership is theirs—and investigates how customers form PO toward a company. Considering the PO is a new concept to hospitality research, the study develops and empirically validates a conceptual model of PO and a PO measurement scale in the context of the restaurant industry. The model incorporates fundamental human relationship variables, such as sense of belonging, identification, and perceived control, as the antecedents of PO. The model also relates PO to several practically important consequences, such as relationship intentions, word-of-mouth communications, competitive resistance, and willingness to pay. The results generally support the proposed mediating role of PO between the antecedents and consequences, consistent with the initial conceptualizations. This study discusses the potential that PO may play in enhancing loyalty and relationship marketing research in the hospitality and tourism industry.