In economic theory, the value of education is evaluated by way of two different theoretical approaches; the human the capital approach and human capabilities approach. In this paper our aim is to evaluate the value of education in Turkey in the light of these two approaches. Existing studies on human capital and education indicators drawn from OECD's Education at a Glance 2010 show the importance of education to increase individual income as well as the economic growth. The results of the study also support the argument that, within the context of human capabilities approach the value of education also arising from the fact that education provides the basic cognitive skills necessary for achieving other essential functionings such as health and civic engagement. This study shows that although there have been some improvements, in comparison with the countries that have same or less income level than Turkey, Turkey still is behind in terms of providing the capability-increasing cognitive skills that are enabled by a basic education. At the same time, another important point for Turkey is the considerable gender and regional inequality with regard to capability development.