This chapter aims to examine Chinese air passengers' perceived value of the Frequent Flyer Programme (FFP), and its impact on passenger loyalty. The study develops and tests a conceptual model of three dimensions of FFP value (economic, emotional, and social), and passenger loyalty toward FFP (programme loyalty) and the airline (brand loyalty) with a sample of air passengers in China. The results show that emotional value has a positive impact on both programme loyalty and brand loyalty; economic value has a positive impact on programme loyalty only; but social value has no significant impact on either of the loyalty constructs. The chapter provides both theoretical implications to advance consumer research and practical implications for global airline business.