This article re-examines the theory-practice relationship, by exploring the value and use student teachers make of educational theory in both written assessments and in practice. Educational theory forms a crucial part of the knowledge base which underpins teacher preparation courses within further, adult and higher education. This is particularly so of learning theory and theories which have become part of the commonsense reality of curriculum design. Student teachers are expected to utilise theoretical principles to both support assignment papers and to guide practice. The value of the theory, as perceived by teacher educators, is to act as a resource for facilitating the neophyte teacher in to the practice of teaching; the issue remains, however, as to the extent to which student teachers prize theory in the same way. Informal discussion with student teachers and examination of assignment work suggests that, whilst teachers do attribute value to the use of educational theory, the extent, level and depth of how theory is valued, is extremely variable. Each specific way that student teachers use theory may equate with a particular stance about how they are valuing theory, thus signalling the need for rethinking approaches to curriculum planning to promote a more balanced alignment of theory and practice strands in teacher preparation programmes.