Value is an essence of education and is the very need of the hour, while we watch society’s morality gradually deteriorate. Programs for establishing principles in society must be developed. Education without ethics is like a flower without fragrance. Students need to recognise that character development is just as important as career development. Good character, morality and values in life are the most important factors that drive a person towards self-realization. This essay makes an attempt to examine the function and need of value in education, literature and art in society. Doing this, the paper goes into detail regarding the implications of developing value education.