© 2020 New York University Perceived value among children is an important concept in consumer decisions, yet surprisingly no research has operationalized value for this consumer group. To address this omission, and following the guidelines of DeVellis (2016), this investigation reports the findings of a seven-stage process to develop a valid and reliable instrument for measuring perceived value among children aged 8–14 years. Value for children is conceptualized as a multidimensional construct capturing perceptions of what is received and what is given up, which differs from adult measures in terms of its composition and complexity. A 24-item scale is developed that shows internal consistency, reliability, construct validity, and nomological validity. We also demonstrate the validity of the new scale beyond an existing adult perceived value measure. Directions for future research and managerial implications of the new scale for studying children's consumer behavior are discussed.