It is an important topic for all the tourist destination to cultivate loyal tourists as the competition of them becomes more and more intense. This paper mainly discusses the causality among the perceived value, satisfaction and loyalty of tourists who visit ancient villages. The Zili village of Kaiping in Guangdong province is took as an example to investigate the relationship among them. 265 effective questionnaires were collected and the data was analyzed with structural equation model. The analysis suggests that the perceived value of tourists consists of four dimensions: social value, emotional value, brand value and functional value. The perceived value of different dimensions has different influence on tourists' satisfaction and loyalty. Social value and emotional value have significant positive influence on tourists' satisfaction and loyalty while the functional value only has significant positive influence on their satisfaction, but the emotional value only has significant positive influence on their loyalty. Tourists' satisfaction is positively correlated with their loyalty. The satisfaction of tourists plays a part intermediary role among social value, emotional value, brand value and loyalty, while the functional value and loyalty have a complete intermediary function among them.