Based on the Peircean semiotic theory, this study aims to explore the semiotic construction of a festival tourist attraction using the Guangfu Temple Fair in China as a case. A qualitative research method of grounded theory was used to analyze the organizers’ planning scheme, conference materials, 7 interviews, and 45 tourists’ interviews. We found that festival organizers produce festivalscape based on social values and tourists’ expectations, including safety assurance, cultural activity, personnel service, facilities, creative interaction, food, a trade show, and the festival atmosphere. Tourists in the festivalscape, through cultural, novel, social, and emotional experience and collateral observations, assign meaning to the festival’s attractiveness in terms of cultural diversity, vibrant activities, distinctive features, and a sense of ceremony. These findings indicate that organizers’ sign production and tourists’ sign interpretation constitute the conceptual model of the semiotic construction of festivals as tourist attractions. Furthermore, the study extends the understanding of tourist attractions and will help organizers to create successful festival attractions.