Moral education is not a new concept in universities; however, university students' firsthand learning experience and valuation of moral education have not been fully explored. As part of a teaching and learning study conducted in two undergraduate classes in a Hong Kong university, this study explores the university students' perceptions of learning moral education. Data were mainly collected through student interviews and their reflective journals. Most students supported the learning of moral education. They asserted that moral education has a lifelong nature; thus, they should learn it in universities. The study reveals that moral education can facilitate the university students' personal and social betterments, showing the intrinsic and instrumental values of moral education. This small-scale case supplements the literature on the understanding of the development of moral education in higher education. This study also reflects the necessity to rethink the moral aim and the moral education curriculum of higher education.