In the era of the experience economy, intangible cultural heritage (ICH) is now much a richer in terms of authenticity, which largely enriches the tourist experience. This study aims to apply authenticity theory to the field of intangible cultural heritage tourism (ICHT) and to analyze the relationship between the dual dimensions of tourists’ perceived authenticity (constructivism and existentialism) and experience quality and satisfaction. A total of 302 valid questionnaires were collected and analyzed using structural equation modeling through a survey of Kunqu Opera, a World ICH in China. The results of this study confirm that the dual dimensions of authenticity (constructive and existential) have significantly different effects on experience quality and satisfaction. Furthermore, with regard to the mediating effect of experience quality, experience quality plays a partially mediating role between existential authenticity and satisfaction. However, constructive authenticity is a positive influence on satisfaction through existential authenticity and experience quality. This article is concluded with a discussion on the theoretical and managerial implications.