In this study, two issues regarding the use of the Portrait Value Questionnaire (PVQ; Schwartz et al.: J. Cross. Cult. Psychol. 32:519–542, 2001) with older adults were addressed: (1) whether the quasi-circumplex structure of values, developed on younger adult samples, also emerges among older adults; and (2) whether the PVQ demonstrates measurement invariance across age groups and equivalence over time. The 40-item version of the PVQ was completed by 433 retired adults and 173 university students in Montreal, Canada. In both retired and student samples, the quasi-circumplex structure of values emerged using exploratory techniques, but was not supported by constrained confirmatory factor analyses. A modified 26-item model was necessary to achieve adequate fit indices in both samples, suggesting problems of multi-collinearity and internal discriminant validity. However, using the revised 26-item model of the values, support was found for most types of measurement invariance across age groups and time. The PVQ should, therefore, be considered appropriate for use across the adult lifespan and in longitudinal research. Results are discussed with regard to the Schwartz (In: Zanna M (ed) Advances in experimental social psychology. New York: Academic Press, pp. 1–65, 1992) value theory and the conceptualizing of values across the lifespan.