The objective of this study is to examine travelers’ intention to participate in peer-to-peer accommodation from an ethical perspective. An ethical decision-making model was proposed, based on Hunt–Vitell theory of ethics, moral identity theory, and Schwartz theory of human values, to examine the mechanism through which travelers’ personal values and moral identity (internationalization and symbolization) influence their ethical judgments and behavioral intentions toward peer-to-peer accommodation. Data was collected from 515 travelers who had participated in peer-to-peer accommodation within the last 12 months. The structural equation modeling results reveal that personal values affect moral identity dimensions, which in turn, positively influence ethical judgments and behavioral intentions. Moral intensity also moderates the effect of moral identity internalization on ethical judgments. The results provide valuable insights for managers to promote the adoption of peer-to-peer accommodation as a responsible travel behavior.