In this article we analyze the importance of management by values (MBV) as a fundamental managerial instrument in the administration of all resources, processes and organizational behaviors. In general, MBV highlights the obvious role that values play in protecting and efficiently and effectively managing all organizational resources, specifically in increasing the probability of reaching the desired levels of performance, not only for shareholders, but for stakeholders too. The main objectives of this theoretical inquiry refer to (1) defining MBV as a management philosophy and a managerial instrument, (2) clarifying the concepts management by values works with, (3) illustrating the main steps and features of implementing MBV, and (4) presenting the main advantages MBV has and its associated risks. Our assumption is that coordination and fit between the values espoused by the organization (through vision, mission, objectives, strategies, etc.) and values espoused by the stakeholders, lead to successful relationships and an optimum use of all resources, with high performance and satisfaction for the parties involved.