This research is an attempt to identify social values of Indian society their categorization with specific reference to adolescents belonging to middle class families. It also seeks the aspect of changing values with societal change and their impact on target group. It was found that values are not clearly defined and categorized as social and cultural and are often seen as same. This paper also attempts to probe on the ancient sources of value base of our culture and comparative analysis of the same in response to changes. Education and teachers were concluded as one of the most important source of inculcation values in children on the basis of this research.Sample of 400 respondents were collected and responses were analysed to for the purpose of in-depth study on the subject.