The aim of the present study is to determine the structure of values in the Spanish population and its relation to the Big Five personality traits. Using a psycholexical approach, 566 words were identified as values and administered to a sample of participants who were instructed to rate the extent to which they were guided by each value. Principal components analysis revealed seven factors: Social Recognition, Competence, Love and Happiness, Benevolence, Idealism, Equilibrium and Family. The results show that there is no complete equivalence between these factors and those obtained in previous studies. However, the results are congruent with those obtained in other studies as far as the relation between values and personality traits is concerned. Copyright © 2011 John Wiley & Sons, Ltd.