Value is a key concept in all the disciplines of economics and its meaning is par-ticularly evident in finance and accounting, where the issues of valuation are ex-tremely important. The article presents a brief analysis of the evolution of the con-cept of value. Starting from the ancient period and the first mentions of value, through the key concepts of the Middle Ages, the classical school, and Karl Marx's concept, it outlines the direction of change in the meaning of value, which culminates in a short description of the most common present approaches. The aim of the analysis is to draw the attention of readers to the significance of value and evolutionary nature of its development, both in theory and in practice of accounting.