Purpose This paper analyzes the differential value relevance of goodwill based on its age. Although previous literatures consistently report positive value relevance of goodwill, it is in doubt whether the value relevance of goodwill still holds as it ages. Design/Methodology/Approach We use samples reporting goodwill during the research period. Book value of goodwill reported on balance sheet is disaggregated into different ages, for example, goodwill acquired in year t, t-1, t-2, or prior to t-2. We use Ohlson’s valuation model to analyze whether the market attaches different values to different ages of goodwill. Findings As a result of empirical analyses with 2,563 observations, we find that recently acquired goodwill, that is, goodwill acquired within 2 years have higher value relevance compared to older goodwill acquired prior to t-2. Research Implications Our results suggest that while the market attaches values to goodwill as an asset, the value relevance of goodwill appears differential based on the its ages. The results imply that investors should recognize the differential value of goodwill based on its ages in the valuation process. Our findings also have implications for current goodwill impairment practices.