This study has investigated the moderating role of ambiguity in the process of consumer satisfaction formation. It is found that product ambiguity moderates the way that expectation, performance, and disconfirmation determine consumer satisfaction. When the product is ambiguous, consumer expectations have direct effects on consumer satisfaction as well as indirect effects through disconfirmation. On the other hand, when the product is unambiguous or easy to evaluate, product performance has direct effects on consumer satisfaction as well as indirect effects via disconfirmation. The theoretical and practical implications of these findings are discussed as well.