Literature reflects human life. Therefore, those children who are exposed to it can be affected by its values and form their own identity at some degree, either they like it or not. This is why we should take extra care when we teach children about literature and the values in it. In this paper, a research project is carried out to see how literary experiences can affect the formation of children` values in terms of the morality development theory by Erickson and Kohlberg. Here are some results of the research. First of all, we can conclude that literary experiences can affect the formation of children`s values. It is significant to have 6 students (16.67%) who changed their values from physical-oriented to mental-oriented one and other 11 students (30.56%) who showed a sign of value change. We can assume that not only they are influenced by the experience of reading itself but also the experience of contacting other children`s different values through literary discussion gave them the chance to change their values. It is also noteworthy that other 10 students chose different category of values. This gives us the idea that literary experiences can help children to experience the inexperienced world of values, therefore leading them to choose the not-yet-experienced values sometimes. This fact implies us how important it is to deliver the right literary education to children. Second, given the fact there were five students (all males) who changed their values from the mental-oriented to the physical-oriented one, we can make a fair assumption that literary experiences can sometimes yield undesired results, affecting students to accept, what we called, improper values. fter all, this implies the impornce of the value education through literary education, and it also suggests literary education should be well planed to help student to form the desirable (positive) values. Third, various factors from outside can affect the way children to accept certain values out of literary experiences. When we take a look at the whole process of value formation among children, we can clearly see that the children show the two characters of Erickson`s development theory, one is the fourth stage of nferiority and the other is the fifth stage of identity. t the same time, it seems to be apparent that children consider and self-desire, s depicted in Kohlberg`s development theory, as some of important ethical criteria in formation of their values. Especially, we can tell that one of ethical values, the `honesty,` is clearly internalized in the children`s mind, therefore affecting the way they judge values out of literary experiences. A persons value cannot be formed overnight. It can also be different from person to person depending on the personal and environmental factors such as family, school, and society etc, apart from the literary experiences itself. Though excluded from this research, I suggest wider studies on literary education should be carried out, considering these personal and environmental factors in detail. I expect more practical study to be in progress in the future with more concrete evaluation standards of values and more literary works included as a subject to study in a way to learn how the literary experiences can have an influence on the value formation of children.