The article offers a theoretical analysis of the incorrect overlapping of the terms competence and value, value and belief, the confusions in using of the terms value and value orientation and, as a result, the definitions of the concepts value and value orientation are proposed. The study aims to determine the dynamic and specifics of value manifestation in contemporary adolescents and young people in pre-pandemic and pandemic situation. The main part of the article is dedicated to the presentation of obtained experimental data research received by four instruments used to get the most complex data regarding values and value orientations held by subjects. The focus of this article is on specificity of values held/maintained by contemporary adolescents and young people, relationship between terminal and instrumental values, significance of value differences in adolescents and young people, the changes that occurred in the value orientations during the pandemic period.