The intellectual property issue of textbook piracy in Taiwan affects Taiwan’s reputation and possibly its industrial development. Many college students in Taiwan make a photocopy of the textbooks they need rather then purchase them. Based primarily on the framework of Theory of Planned Behavior, this article investigated the mediating effect of anticipated guilt on the relationship between attitude, social influence, perceived behavior control and textbook piracy intention. A total of 361 Taiwanese college students from two major Taiwanese universities were recruited for this study. The results showed that the textbook piracy intention of these students was determined by cost, benefit, peer influence, societal influence and opportunity. It is worth noting that the effects of cost, benefit and societal influence on a student’s intention of textbook piracy were found to be partially mediated by the anticipated guilt. However, the effect of peer influence on textbook piracy intention was not mediated by the anticipated guilt.