Simulation games (SGs) offer great opportunities for students to learn and experience real-world business decisions in a risk-free learning environment. However, the impact of using SG on educational outcomes is not fully understood. Drawing on experiential learning theory, we develop a conceptual model to examine students' perceptions of the educational values generated from a SG adopted in a postgraduate programme at a UK business school. The study gathered data from 120 students by using survey data and qualitative data from students' reflective reports. Results show that SGs have positive impact on students' conceptual understanding, skills development and affective evaluation of their learning experience. The article discusses the findings and its implications for educational practitioners and offers directions for future research.