In this study, the recycling behavior of consumers is examined using a model developed based on the goal framing theory (GFT). The GFT provides a holistic comprehensive framework amalgamating three popular psychological theories—theory of planned behavior (TPB), values‐beliefs‐norms (VBNs) theory, and theory on affect (TA). The purpose of this study is to analyze the factors that predict recycling behavior of consumers by examining the extent to which such behavior depends on moral considerations, affective responses, or self‐interest motives. A comprehensive multivariate model with 12 formulated hypotheses is tested with structural equation modeling (SEM) using survey data from 206 individuals. The results of the study indicate that GFT is an appropriate framework in explaining recycling behavior of consumers. The findings of the combined model suggest that while values (biospheric, egoistic), environmental concern, awareness of destructive consequences, ascription of responsibility to self, personal norms, subjective norms, attitudes toward behavior, perceived behavioral control, and intention do significantly predict recycling behavior, altruistic values do not explain behavior‐related intention. In particular, perceived behavioral control seems to be the strongest predictor of recycling intention. Variables of the TPB, which assess gain motives, seem to have the greatest explanatory power for recycling behavior of consumers when the combined model is examined. However, further comparative theory analysis indicates that the recycling behavior of consumers could be better explained by the VBN theory relative to the TPB or TA. The study offers important implications pertaining to environmentally sensitive consumer behavior that would be relevant for marketing managers and policymakers.