AimThis study aimed to conduct a concept analysis of value in the context of community‐based interventions for people affected by dementia.BackgroundConcepts of value play a critical role in shaping the delivery and distribution of community‐based health interventions through related concepts. However, the use and meaning of ‘value’ is rarely clarified limiting the term's utility in practice and research. Increasing need for community healthcare and scarce public resources means developing understanding of value in community‐based interventions for people affected by dementia is timely, and may support more informed approaches to exploring, explaining and delivering value.DesignEvolutionary Concept Analysis was used to systematically determine the characteristics of value.Data SourcesPeer‐reviewed and grey literature databases were searched between April and July 2021, with 32 pieces of literature from different disciplines included in the final sample. No limits were set for the years of literature retrieved.MethodsLiterature was thematically analysed for information on the antecedents, attributes and consequences of value.Results and DiscussionThe analysis uncovered a need and/or desire to understand the experience of people affected by or that affect interventions; and to demonstrate, prove/disprove the (best) quality and nature of results of interventions as antecedents of value. Attributes of value were stakeholder/person centred, measurable, time and context dependent and multidimensional. Consequences of the concept included shared decision‐making, valuation of interventions and internal/external investment and development of interventions.ConclusionThrough concept analysis value can now be better understood and applied. The development of a conceptual model to illustrate the constituent elements and relationships of the concept adds transparency to where, why and how concepts of value are enabled that supports future concept development.Patient and Public ContributionNo patient or public contribution.