The present paper has attended to two prevalent concepts in today's management literature–organizational values and organizational ethics; two concepts that are used interchangeably. The aim of this study is clarifying the real for and against positions regarding these two concepts. The study is an exploratory one and in terms of purpose, it is an applied study. In terms of equivalent, there are four relations between these two concepts from which those of "contrast" and "equality" are rejected and those of " the state partly extending one another and partly not" and of "the state one absolutely extending the other" are acceptable. In terms of existence, ethics could be considered as the expanded recitation of the organizational values. This analysis indicates that the organizational values and organizational ethics are common in scope and impact; function; responsibility for promotion and development and in sustainability; type of selection; and the direction of the relationship are distinct from each other.