Self-image or self-consciousness comprises thoughts, feelings, evaluations and predictions about oneself and one's own behavior. Subject of the research is the linkage between self-conceptualization of adolescents and their value orientations. The aim is to determine whether there exists a correlation between locus of control and general self-esteem as elements of self-conceptualisation, on the one side, and value orientations of adolescents on the other. The Rosenberg Self-Esteem Scale and the locus of control scale by Bezinović and Savčić were used for studying the components of self-conceptualisation. Values were operationalised using the desirability of certain goals in life and preference of different lifestyles. Research was conducted on the sample of 176 grammar school pupils aged 15 to 18. The findings indicate that adolescents who are characterized by the external locus of control accept hedonist, activist, social and cognitive lifestyle in a larger degree. Self-esteem is positively correlated with the aspiration towards becoming rich, and negatively with the desire for acquiring knowledge, care about others and activist way of living. The finding that the young of higher self-esteem are not oriented towards education, helping others and advocating for common good, can be ascribed to insufficient appreciation of these values in the environment they live in. The obtained findings point out to the need to reaffirm and encourage these values in youth, as well as to pay more attention to value education of pupils in school.