The article is devoted to the formation of European values in Ukraine in the conditions of social transformations. The author defines that values are the system-forming core of activity and inner spiritual life of a person, and the system of values is the link that unites society and the individual, involving them in the system of social relations. It has been found that the main European values, which are distinguished by the profile organizations and on which the European community is based, are the following: respect for human dignity; fundamental rights, including the rights of communities and families; freedom (expression of will, freedom of speech, freedom of the media); democracy; equality of all members of society, including minorities; rule of law; pluralism; non-discrimination; tolerance; justice; solidarity; responsibility; equal gender rights. By signing the Association Agreement with the European Union, Ukraine has committed itself to develop relations with the European Union on common values. European values as fundamental ones are reflected in the Constitution of Ukraine. It has been determined that in the European Union values perform various functions (political, aimed at ensuring democracy, development of the rule of law, anti-discrimination, civil rights and human freedoms; consolidating – the formation of the European community and common social and humanitarian space; society, preservation and dissemination of European values, legal – justice, guaranteed by an ombudsman, protection of human and civil rights, economic – the formation of a socially-oriented market economy, ensuring balanced economic growth, full employment, prosperity, well-being, guaranteed property, overcoming poverty; social – achieving social harmony, social security and social assistance, health care, support for the family, protection of vulnerable groups, cultural – preservation of traditions, freedom of religion, language policy support, development of education, culture; information and communication – providing access to documentation, interaction with citizens.