The main strategy for improving the efficiency of internal combustion engines is to increase the cylinder pressure, which inevitably leads to increased mechanical and thermal stress on key engine components, including the intake and exhaust valves. However, traditional materials used for engine valves today are being pushed to their limits. Thus, increasing the efficiency of the next generation internal combustion engines requires the development of new valve materials with a higher set of performance properties at elevated temperatures. The article discusses the operating conditions of engine valves and the requirements for valve materials. A comparative analysis of traditional Russian and foreign valve materials that are widely used today (martensitic and austenitic steels, nickel-based alloys) has been performed. It is noted that Russian standards for valve materials contain recommendations for the use of certain steels for engine valves, which have long lost their market positions abroad due to their inherent shortcomings. On the other hand, some foreign materials specially developed for exhaust valves of diesel engines are not produced by Russian industry. A review of new generation valve materials developed by leading foreign companies in this field to replace expensive nickel-based alloys was carried out. It is noted that the development of new domestic cost-effective valve materials capable of operating under conditions of higher temperatures and pressures in more aggressive environments is an important scientific and technical problem, the solution of which is necessary for the accelerated development of the Russian engine industry