What are the impact of work values and academic training on public service motivation (PSM) over time? We present findings from a three‐phase longitudinal study on the evolvement of PSM of Israeli students who gradually enter the job market. A cohort of 2,799 students were surveyed in late 2012 and a surviving final cohort of 558 respondents took part in the third stage of data collection during early 2015. We analyzed this group's postgraduate career development when they joined various public and nonpublic organizations and professions. We tested several hypotheses about possible relationships between and effects of work values (intrinsic–extrinsic; individualistic–collectivistic), academic studies, and person‐organization fit and PSM over time. In general, individuals with higher levels of intrinsic and collectivistic values, and an academic background in core public service studies demonstrated stronger PSM over time. Implications and suggestions for future studies are discussed.