Value education means inculcating in the children a sense of humanism that would build the nation and bring back to the people pride in work that brings order, security and assured progress. Present age is age of science and technology there is a great confusion and great losses. War and conflicts never come to an end, and the innumerable vicious phenomena are covering the world. The cause of such confusion and loses is due to the lack of value oriented education or the collapse of traditional views of values. In this paper an attempt is made to discuss the need of value based education in a present society. In this study it was carried out how one might study and modify a society to make it peaceful and more functional. In the present educational system the main emphasis is giving on scientific and information oriented education rather than value education. Spiritual values, social values, moral values and religious values are being neglected. Value suffers when too much emphasis is giving on materialistic satisfaction. The aim of this paper was why there is a need for imparting value based education in educational institutions and to develop the programs for inculcating values insociety. This paper tried to examine the role of value based education on inculcating code of ethics to develop the qualities of good conduct, self-confidence, unity, cooperation, justice, peace and prosperity in present society. This paper is aimed at to impart value based education in educational institutions, family and society as well and to churn out good citizens for the maintenance of world peace and harmony.