The concept of the devalued self complements a previous presentation concerning another fundamental facet of narcissistic vulnerability that I termed the disregarded self. Whereas the disregarded self reflects the child's fear that others simply do not care about him, the devalued self reflects his belief that there is something grossly repugnant about him that makes people reject and abandon him in disgust. Much of the conduct-disordered child's antisocial behavior and character stance can be understood as an attempt to cope with and defend against the hurt, the anger, and the anxiety associated with these aspects of selfstructure, these feelings of being unloved and unlovable. Manifestations of, and defenses against, the devalued self are discussed, primarily in terms of how they can be observed during the course of intensive treatment. Implications of the concept for individual psychotherapy and milieu treatment are discussed.