Little is known about how children's value priorities develop over time. This study identifies children's value priority profiles and follows their development during middle childhood. Australian children (N = 609; ages 5–12 at Time 1) reported their values over 2 years. Latent Transition Analysis indicated four profiles: Social‐Focus, Self‐Focus, Growth‐Focus and Undifferentiated. Within person development was characterized by profile stability or transfer to the Social‐Focus profile. Younger children were more likely to have an Undifferentiated profile (or Self‐Focus among boys) than older ones. Girls were more likely to have a Social‐Focus profile or transfer to it, and less likely to have a Self‐ or Growth‐Focus profile than boys. Social‐Focus profile membership over time predicted more prosocial and less aggressive behavior.