The present study with 353 students aimed to examine the validity of a questionnaire called the Value Beliefs Questionnaire for University Students (VBQU) measuring five value beliefs among university students, namely: intrinsic value, attainment value, cost, utility for daily life, and utility for career. Furthermore, this study strived to explore the situated expectancy-value theory by linking those five value beliefs to multiple individual characteristics of university students (i.e., academic self-concept, procrastination, test anxiety, academic achievement). Results of CFA provided strong support for a 5-factor structure and a hierarchical structure of four major value factors (i.e., intrinsic, attainment, cost, utility) and two utility factors. Significant intercorrelations among the five value beliefs and correlations of the five value beliefs with the other individual characteristics of university students also established validity evidence of the VBQU. In line with (S)EVT, academic self-concept and intrinsic value significantly interacted with each other in predicting academic achievement.