625 primary and secondary students from schools in Melbourne and Geelong completed the WIFI Questionnaire to nominate what they valued in their mathematics learning. A content analysis of students' responses to an open-ended question about what they valued most resulted in a list of 64 unique values. A new, fourth category of values in mathematics education is apparent in this range. "Smartness," "fun," and "effort" constituted the top 3 popular values. The four Australian Curriculum mathematics proficiencies are also highly valued by the students. None of the students nominated achievement as a value, while it is highly valued by students from countries that perform well in TIMSS or PISA.