The purpose of this study was to examine the roles of four distinct aspects of brand equity—perceived quality, brand awareness, brand loyalty, and brand image—in tourism satisfaction with regard to Taiwanese night markets. Regression analysis and structural equation models were used to test the hypotheses for a sample of 348 foreign tourists with experience in night market tourism. The results indicate that perceived quality is positively related to brand awareness, whereas brand awareness is positively related to brand loyalty and brand image. This finding confirms the positive relationship between brand loyalty/image and tourist satisfaction. The empirical evidence of the Sobel test following Baron and Kenny’s procedure supports the multiple mediation effects of brand awareness on perceived quality and brand loyalty/image and indicates that brand loyalty/image mediates the effects of brand awareness and satisfaction.