It is a truism that Nietzsche is a critic of morality. But what does Nietzsche have against this institution of morality? I consider the prominent interpretation of Brian Leiter’s that Nietzsche takes morality to task for its bad effects in hampering the flourishing of great individuals and cultures. There are good reasons, I argue, to resist this reading as the best, and certainly as the exclusive, account of the grounds for Nietzsche’s criticism of morality. I go on to propose an alternative construal that sees Nietzsche as objecting to the expressive character of moral values themselves (an under-explored notion in anglophone ethics and social philosophy that I seek to elucidate in the paper). My project, in the first instance, is the exegetical one of understanding what is going on in Nietzsche’s texts when he criticizes morality. Nonetheless, there are important philosophical lessons to be learned here from Nietzsche’s work, if not necessarily about the actual failings of morality itself, then about the kinds of ethical and ideological objections that philosophers and cultural critics can sensibly raise. One of the central styles of critique that we see in Nietzsche’s work, exemplified especially in his criticism of morality, involves interpreting social and cultural phenomena, as one might interpret texts or works of art, with an eye toward extracting the meaning or significance they have in light of the ideals they enshrine, and then attacking them, on broadly ethical grounds, on account of this. It thereby creates the space for criticizing institutions not just for what pernicious effects they have, but for the intrinsically objectionable character of what they express.