||This paper aims to examine the role of education in the formation of beliefs about the relative importance of achieved versus ascribed factors for success through analyzing the recently national representative data from China Family Panel Studies (CFPS2010). Our results show that there is a significant positive association between years of education and beliefs about the relative importance of achieved factors for success, people with more years of education tend to believe individual education and efforts are more important than family social status and wealth for success. The instrument variable analysis further confirms the positive relationship is a causal relationship from education to values. In terms of the heterogeneous effect, the effects of education on beliefs about the relative importance of achieved factors for success are higher for female, older people, people holding rural Hukou, and people from less developed counties. We also find that people who believe achieved factors are more important than ascribed factors for success are more confident in their future life and also enjoy higher levels of happiness.