As the number of people infected with COVID-19 in Korea is increasing, several measures have been implemented to gradually restrict outdoor activities and indoor gatherings while promoting a non-face-to-face social culture. In this study, we performed a gender-based multi-group analysis using a technology acceptance model (TAM) as an external variable for COVID-19 risk perception to verify the model’s predictive ability to increase participation behavior toward digital fitness services. We analyzed the data of 433 Koreans using an online survey consisting of 23 items. A structural equation model was used to verify the perceived ease of use (PEOU), perceived usefulness (PU), intention to use and exercise participation behavior of the TAM with COVID-19 risk perception as an external variable. First, our results showed that COVID-19 risk perception had a statistically higher significant and positive effect on PEOU (β = 0.170, t = 3.296, p < 0.001) than on PU (β = 0.130, t = 2.848, p = 0.004) of digital fitness services. Second, the PEOU of the digital fitness service was found to have a statistically higher significant positive effect on PU (β = 0.512, t = 9.728, p < 0.001) than on intention to use (β = 0.130, t = −2.774, p = 0.006). Third, the PU of digital fitness services was found to have a statistically significant positive effect on the intention to use (β = 0.684, t = 12.909, p < 0.001). Fourth, the intention to use the digital fitness service was found to have a statistically significant positive effect on exercise participation behavior (β = 0.796, t = 16.248, p < 0.001). Lastly, we observed a significant difference between men and women in COVID-19 risk perception and PEOU among the six paths established. Digital environments that encourage participation in exercises could promote health during a pandemic. This study highlighted the need to consider digital environments that encourage exercise participation in creating physical exercise contents as there was no significant difference in the intention to use digital fitness services between men and women.