Efficient water management requires information on the magnitudes of all values associated with water volumes and quality, both in-situ and in extractive uses. This paper reviews and summarises New Zealand research into extra-market values placed on water. Studies have addressed issues as diverse as maintenance of ground water and instream flows, the value of recreational activities, and the quality of household water supplies. Results indicate that people place high values on avoiding further degradation of the natural environment, and in-situ values can have a significant role in water allocation efficiency despite high consumptive values of water.