Some business leaders, just like some artists and politicians, acquire celebrity status and become more visible as star CEOs through increased media attention. However, to date, little has been known about how such celebrity status affects the individual and their organizations. Based on identity control theory and celebrity role constraints logic in the context of upper echelons perspective, this study provides initial empirical evidence on how restaurant CEOs’ celebrity affects managerial risk-taking actions and how CEO-specific and firm-specific factors moderate this relationship. The results indicate that the main effect of CEO celebrity on risk-taking is insignificant. Yet, the dynamic is swayed positively by a CEO’s background, especially when CEOs are outsiders; these celebrity CEOs demonstrate a propensity for bolder strategies. Moreover, as a restaurant firm’s franchising quotient escalates, a star CEO exhibits amplified risk tendencies. The results provide theoretical and practical implications for restaurant corporate governance and shareholders.