Values, moral values and democratic values are attracting the attention of education researchers in general and mathematics education researchers in particular. Little research has studied pre-service teachers' perceptions of values in the classroom, their perceptions of the relationship between the different variables of values in the classroom, as well as their relationship with the democratic society. The present research attempts to do so. Twenty-two graduate pre-service teachers who participated in 'New trends in mathematics education' course discussed how to cultivated values in the mathematics classroom. Moreover, they answered survey questions related to the cultivation of values in this classroom. We used a combination of deductive and inductive content analysis to characterize the pre-service teachers' texts. The research results indicate that the pre-service teachers perceived values as encouraging students' activity in the mathematics classroom. In addition, the pre-service teachers perceived values as encouraging specific categories of values needed as skills for the citizen in a democratic society, as creativity, critical thinking and metacognition.