Understanding the asymmetric effects of attribute performance (AP) on customer satisfaction (CS) is important for the managers in the hotel industry. Although several studies concerning this issue have been conducted, the varies of asymmetric effects across different market segments have not been revealed. To this end, this study aims to explore the asymmetric effects of AP on CS with respect to different market segments, including different types of hotels, different types of travelers and travelers from different regions. Four theories, i.e., expectation-disconfirmation paradigm, three-factor theory of CS, customer delight theory and prospect theory, are adopted to explain the formation of CS from the perspective of different market segments. The penalty–reward contrast analysis (PRCA) and asymmetric impact-performance analysis (AIPA) are used to analyze 1,547,869 user-generated ratings collected form TripAdvisor posted by the travelers from 140 countries concerning 9,596 hotels from 75 capital cities around the world. The results suggest that the asymmetric effects of AP on CS may vary across different market segments, including different types of hotels, different types of travelers and travelers from different regions. In addition, the priorities of hotel attributes for each type of hotel with respect to different types of travelers and travelers from different regions are also analyzed by AIPA. The obtained results will be valuable for researchers to conduct further studies and hotel managers to formulate improvement strategies.