A value stands for ideals men live for. Values are part and parcel of the philosophy of a nation and that of its education system. They are the guiding principles of life which are conducive to all round development. With a well designed system of curriculum, it is possible to make education a forceful tool for the cultivation of desirable ethical, spiritual and social values. Education should foster universal and eternal values. In attempt to inculcate values through education, we need to draw freely upon our own traditions as well as the traditions of the other countries and cultures of the world. Value education should help to eliminate obscurantism, religious fanatics, violence, superstitution and fatalism. Education which inculcates universal and eternal values like compassion, coverage, honesty, tolerance and truthfulness etc., will help in developing balanced, individuals and in creating better human society. The paper discusses the need and importance of values in the present scenario and also suggests suitable measures in reinforcing them in education for creating a better human society to live in.