In Japan, graduates who become independent professionals in society have the right to choose energy providers given the liberalization of the electricity market in the country. This issue renders student perceptions regarding various types of energy generation a critical factor for decision making. Accordingly, we explored the risk and benefit perceptions of undergraduates regarding Japan’s main energy resources, namely, liquid natural gas (LNG), coal, hydropower, solar and nuclear resources, and petroleum. We also assessed energy acceptance among the target population and its influencing factors, such as student age and gender, school department, hometown, knowledge and experience of main power sources in Japan, and trust in government and power plant operation. These objectives were accomplished through field surveys and empirical characterizations of energy acceptance determinants. Compared with risk perception, benefit perception regarding all kinds of power generation was significantly predicted by knowledge. Experience explained only the perception of benefit from coal power generation, and benefit perception more strongly predicted energy acceptance than did risk perception. The findings suggested the necessity of university energy education programs for increased student knowledge of energy sources. Energy companies should increase energy benefits from economic, environmental, and energy security and safety perspectives to enhance energy acceptance among students. On the basis of the results, we classified energy sources in Japan into obscure (LNG and petroleum), well-known (coal and nuclear), and exploratory (hydropower and solar) resources—a first in the energy field and contributory to energy education design.