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Psychoanalysis can contribute quite a lot to the question of values and to a theory of ethics. While the first part of this presentation is focused on the impact psychoanalysis continues to exert on present day ethical theory, the second part discusses Erich Fromm's particular approach to psychoanalysis. Fromm was the first to reformulate in his psychoanalytic approach the idea of an ethic of the virtues. With his theory of character (and of social character) he made values an integral part of psychoanalytic theory. Hence, what matters most morally from a psychoanalytic stance is the quality of character orientation. Despite the fact that — in Fromm's own socio-psychoanalytic approach — man's character is the product of adaptation to the environment, morality for him is dictated by economic and social requirements — whatever common sense may tell us to the contrary. For Fromm there is an intrinsic primary tendency to growth in all human beings. Thus, morally good is whatever furthers the growth of our own powers by which we relate to the outside world and to ourselves in a loving, “sane” and creative way. The last section reflects some implications of Fromm's approach to understanding values as an integral part of psychoanalytic theory, and finally discusses whether the search for truth and human values is as obsolete as postmodern thinking claims.