This paper examines how velvet-antler production changed economic and consumption patterns in Taiwan. During the Dutch period, people in Taiwan extensively hunted deer to export the skins to Japan. In the Qing period, Chinese immigrants to Taiwan changed the island’s approach to the deer trade. Islanders now shipped dried deer meat, velvet-antler, and deer penis to China, in line with the centuries-old Chinese concept that certain deer products were aphrodisiacs. In the late Qing period, both Green Island and Xiao Liuqiu Island domesticated Formosan Sika Deer and exported deer products to China. Regardless of whether Taiwan fell under Qing rule or Japanese rule, velvet-antler remained a form of conspicuous luxury consumption in Taiwan itself. The demand for velvet-antler continued in postwar Taiwan, where the main suppliers of velvet-antler products were deer farmers, the Taiwan Tobacco and Wine Monopoly Bureau, and Chinese herbal medicine pharmacies. In terms of production, deer farmers crafted velvet-antler liquor in small, pricey, high-quality batches. By contrast, the Taiwan Tobacco and Wine Monopoly Bureau adopted the strategy of mass production: by importing cheap velvet-antlers from foreign countries, the Bureau produced “ginseng and velvet-antler liquor.” The rare and expensive velvet-antler liquor of Taiwan’s Japanese colonial period ceded place to postwar Taiwan’s mass consumption. Moreover, velvet-antler production changed its form of delivery, which influenced gender differences in consumption.