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Public response to the COVID‐19 pandemic provides a unique opportunity to study risk perception in relation to political orientation. We tested a risk perception model of how political orientation influences risk perception of an emerging infectious disease and how it moderates other influences. Two nationwide online surveys in South Korea (N = 2,000) revealed that conservatives showed a higher risk perception regarding an emerging infectious disease, and political orientation can even moderate the influence of perceived risk characteristics on risk perception such as how a liberal orientation exhibited a greater outrage effect of perceived unfairness on COVID‐19 risk perception. Also, the frequency of media use is positively related to higher risk perception. The implications of the direct and moderating effects of political orientation are discussed in the context of the studies of political orientation as well as risk perception.