The knowledge of consumers' behavior is considered as an essential key in successful marketing programs. This would appear more when purchasing luxury products, because in Conspicuous consumption, the motives for buying special products originate more in psychic problems of consumers than product's specifications. This study is aimed to examine the consumption behavior of luxury products among the young people (aging from 18 to 35). Thus, we focused on the two fields of brand association and psychological antecedents. Likewise, the purchase of luxury watch has been studied as consumption behavior. In this research, variables such as gaining respect, gaining popularity, noticed by others, showing who I am, symbol of success, symbol of prestige, indicates wealth, indicates achievement, gaining status, enhances self image, are psychological antecedents and some other variables like brand symbolism, brand image congruency and self-concept, brand familiarity and brand aroused feeling are the brand association. In the present study, quantitative method was used, questionnaire formulation and sampling which was randomly collected from 525 people of consumers of such watches in Tehran City. Also, it was used Structural Equations Modeling (SEM), by the Lisrel Software for testing 6 hypotheses. The findings show that two criteria such as brand association and psychological antecedents significantly affect the consumption behavior of luxury products among the youth. Also, the intensity of influence of each of the studied variables was different due to revenue level, education and sexuality. According to the results, we can apply better communication strategies to this section of target market.