Current trends in low cost carrier service, such as increasing use enlargement and ‘fly back’ etc., this study focuses on the perceived risk toward LCC service as an expected loss and uncertainty. Thus, defined as expected loss and uncertainty, perceived risk means functional risk, time loss risk, physical risk, psycho-social risk, and economical risk. However, this study executed a review of studies to suggests that the specific nature of the perceived risk, and implemented an empirical study on the low cost carrier passengers’ perceived risk toward air service. 189 questionnaires were used for the final analysis. The respondents consist of 40.2% males and 59.8% females. The reliability for the perceived risk is the functional risk has α=.815, the time loss risk has α=.882, physical risk has α=.934, psycho-social risk has α=.837, and economical risk has α=.906. The Factor analysis shows five dimensions of factors(factor loardings >.5). And I investigated the demographics & using situations of low cost carrier passengers(t-test & ANOVA). As a results of significant differences depending on gender, etc.