Test preparation for high-stakes English language tests has received increasing research attention in the language assessment field; however, little is known about what aspects of test preparation students attend to and value. In this study, we considered the perspectives of 12 Chinese students who were enrolled in various academic programs in a Canadian university, and we examined their perceptions of the value of the TOEFL iBT test preparation courses they had taken prior to admission to that university. Drawing on Scriven's (1998, 2007) model, which conceptualizes value as merit, worth, and significance, the thematic findings that emerged from the interviews were triangulated with document analysis and revealed that the value of TOEFL iBT test preparation courses was attributed to (a) quality (merit), including teachers, instruction, and instructional content; (b) benefit (worth), such as efficiency and reorientation to the TOEFL iBT and English skills development; and (c) engagement and affective attainment (significance), in learning communities and sources of motivation. However, the perceived value varied among these students, and the factors related to such variability included both internal factors (e.g., students' motivations for taking test preparation courses) and external factors (e.g., limited time to prepare for the TOEFL iBT). Implications of the benefits are discussed within the context of Chinese students in the Canadian academic milieu.