Caffeinated beverages are a part of daily life. Caffeinated beverages such as coffee, tea, energy drinks, and soft drinks are easy to purchase and are frequently consumed by young college students. Moreover, smoking influences the consumption of caffeinated beverages. The concentration of caffeine in these products is an attractive factor for individuals that desire the effects of caffeine; however, abusing such products may lead to poor sleep quality. The motivations that drive caffeinated beverage consumption were investigated in this study through a survey. Self-reported questionnaires were distributed on campus to students enrolled at a university in Korea. The motivations of the students for consuming each caffeinated beverage and their sleep quality were investigated. The results of exploratory factor analysis showed the motivations for caffeinated beverage consumption were alertness, taste, mood, socialization, health benefits, and habit. The motivations for consuming each caffeinated beverage product were different. For instance, coffee consumption was motivated by a desire for alertness (B = .107, SE = .049, t = 2.181, p < 0.05) and by habit (B = .345, SE = .046, t = 7.428, p < 0.001), whereas tea consumption was influenced by socialization (B = .142, SE = .060, t = 2.357, p < 0.05). Energy drink consumption was motivated by a desire for alertness (B = .100, SE = .034, t = 2.966, p < 0.01) and health benefits (B = .120, SE = .051, t = 2.345, p < 0.05), while the consumption of soft drinks was not motivated by any specific factors. Caffeinated beverage consumption did not show a significant relationship with sleep quality, although the general sleep quality of the respondents was poor. Smoking status showed significant differences in coffee and tea consumption as well as sleep quality. Smokers had a higher intake of coffee and a lower intake of tea than non-smokers. No interaction effect between smoking and coffee on sleep quality was found. Labeling detailing the amount of caffeine in products is necessary and a cautionary statement informing consumers that smoking cigarettes enhances the effects of caffeine should be included.