This study, which focuses on a masquerade, starts from the concept that all men exist as visual objects as well as visual subjects before discussing an issue of sexuality to inquire into masquerade characteristics of fashion photography. Masquerade is a concept that can describe various and multidimensional attributes of humans in social norms prescribed separately for men and women till now, and the concept has not yet been introduced in the field of fashion. However, it is considered a measure to analyze contemporary expressions of sexuality, on which a need for this research is raised. This study looks into the basic concept of the object and the ego through a psychoanalysis-related literature review. This study, then inquires into Jacques Lacan``s notion of gaze and Roger Caillois``s theory of mimicry through related specialty publications. This study reinterprets the concept of masquerade from Lacan``s perspective and carries out an empirical analysis of masquerade characteristics in contemporary fashion photography based on the result drawn in parallel. Sexual masquerade shown in fashion photography based on the concept of masquerade is as follows: first, it appears as normative sexual description, divided into male and female by social norms; second, sexual ambiguity, obscuring the distinction between the sexes through playful and bombastic forms; and lastly, sexual subversion, disguising as the opposite sex through putting on clothes of the opposite sex.