Nowadays, an important issue, taken up by both researchers and practitioners in the field of business management, is to find whether an applied method of value creation produces the anticipated effects (value added), not only from the perspective of the enterprise itself, but most of all, from the point of view of the ultimate customer. The aim of this article, on the basis of a profound analysis of literature on the subject being conducted, is to present an interpretation of the term of efficiency, which is explained differently and examined in relation to the given perspective (area of science). Moreover, in the article, there is an interpretation of the term of an efficient value chain of an enterprise given; in addition to that, various types of applicable approaches to the efficiency evaluation of a value chain of a business are presented, in a synthetic manner. Apart from showing several approaches, different criteria, which can be used while making an appraisal of efficiency of a value chain at different levels, were also depicted. This topic was taken up by the Author, taking into consideration the growing importance, which business managers attach to the implementation of measurement and assessment of efficiency of a value chain. It is an important problem from the perspective of selection or preparation of a successful model, allowing for a multidimensional evaluation of efficiency of management of the existing value chain of an enterprise, as well as the decision-making associated with the choice of a type of strategy, which would result in a company gaining or maintaining the competitive advantage in the market.