Values education is embedded in the curricula of all the Nordic countries. However, values education remains a neglected area for research and practice in early childhood education and care. This article reports on the aspects of an action research project conducted in a preschool in Iceland, across a period of 18 months. The study focused on the nature of the values that the preschool teachers deemed as important to communicate to children and how they saw their own role in values education. Habermas' theory of communicative action is the theoretical framework of the study. Data for this study were gathered in collaboration with the seven preschool teachers who participated in the study. The preschool teachers chose three values to focus on during the action research project: care, respect, and discipline. The data consisted of audio recordings from meetings, interviews, and journal writings. Thematic analysis was used to find themes and patterns in the data. Five themes were identified concerning the preschool teachers' role in values education: being a good role model, use of language, discussion, guidance, and direction. The findings showed that the participating preschool teachers emphasized children's participation and development of social skills. While these data were collected in just one Icelandic preschool, it appeared that the preschool teachers strongly valued mutual understanding and meaningful interactions with the children. (author abstract)