This paper proposes a personal-value based item modeling, which is used for calculating predicted ratings and for explaining recommendation. Personal value is one of factors affecting our decision making, and its application to recommender systems has been studied recently. This paper extends existing personal values-based user modeling to item modeling, which estimates characteristics of reviewers who like / dislike target items. A method for calculating predicted ratings based on obtained personal values-based item models is also proposed. Furthermore, this paper focuses on explanation of recommendation as well, which is one of challenges in the recent study of recommender systems. Improvements of user’s satisfactions for recommender systems by showing process of recommendation gets to be important in addition to precision of recommendation. A recommender system is developed based on the proposed method, of which effectiveness is evaluated by a user experiment, in which the target items are movies. Experimental results showed the effectiveness of the proposed method including recommendation accuracy and an explanation of recommendation. It is also shown that the proposed recommender system has the potential to recommend long-tail items.