This paper examines the theoretical foundations of educational psychology from a meta-theoretical critical realist perspective focusing on ethics and values. This examination is considered in light of the increasingly complex educational contexts that require the support of educational psychologists (EPs). It reviews ethics frameworks that have informed ethical practice to date, and reframes this practice within critical realism. This paper presents Fulford's Values Based Practice to strengthen theory and practice to support EPs to resolve ethical issues that can arise. Values Based Practice is presented as a laminated system within critical realism to inform this practice. As a framework, it allows for interdisciplinary practice and the integration of ethical practice, values and the centrality of the child or young person in shared decision making facilitated by an EP in collaboration with other professionals. An overview that demonstrates the applicability of this framework to the applied work of EPs is also presented.