This study was conducted in Malaysia, where motorcycle traffic accidents represent a high percentage of fatality among overall traffic accidents. Studies have shown that risk perception and positive outcome of risky riding behavior have a significant impact on a rider’s decision making. Therefore, this study is targeted at further understanding of Malaysian motorcyclists within the locality of their home country. A questionnaire survey was conducted to gather motorcycle rider’s information, together with their perception of the three factors mentioned above. A reliability test of the findings was analyzed using Cronbach’s Alpha, while a PCA analysis was conducted to determine the linear combinations that have maximum variance. Subsequently, a statistical model was constructed based on the latent variables’ relations, the relation between the latent variables and observed variables, and also the hypothesis model. The model confirms that the positive affect of the risky behavior has a significant positive relationship with motorcyclists’ risk behavior (estimate coefficient = 1.016). Findings in the model also show that older motorcyclists are less likely to take part in risky riding behavior while riding on the road, with an estimate coefficient of −0.037 and a negative relationship with positive affect (estimate coefficient = −0.032).