Nutritional value is an important attribute of foods whose benefits can only be experienced by repetitive consumption in long run. Consumers’ knowledge about the importance and usefulness of specific nutrients in a food product may influence their subjective expectation of the product’s health benefits which in turn is translated into their perception of the product’s value. At the same time, the sensory characteristics of food products affect consumers’ immediate consumption gratification. This study makes a unique contribution to the literature by exploring the roles that nutrition knowledge and sensory evaluation play in shaping consumers’ pasture-fed beef purchasing behavior through economic experiments. Our results suggest that beef products’ sensory characteristics play a central role in determining consumers’ preferences and willingness to pay. Nutrition knowledge significantly influences consumers’ willingness to pay and different types of nutrition knowledge influence consumers’ willingness to pay in distinct ways. The significant impact of consumers’ health status on their willingness to pay is identified. The study advances the literature by providing empirical evidence of the relationship between nutrition knowledge, sensory evaluation, and consumers’ purchasing behavior observed right at the point of purchase. It can help policy makers better understand consumers’ food behavior and make initiatives to improve diet and health.