In Hong Kong, a policy for the education of its gifted students has existed in its current form since 2000. However, the gifted education policy is yet to be evaluated, despite growing calls internationally and locally for increased accountability of public policy, including policies relating to gifted education. Using VanTassel-Baska's five-component model of a high-quality gifted education policy as their conceptual framework, the authors analyze and evaluate the gifted education policy in Hong Kong by first collecting source materials related to the gifted education policy and conducting interviews with three key policy makers. A total of 75 documents and the interview data were subjected to content analysis and the findings indicate that the gifted education policy in Hong Kong has an additional component, which the authors term "aims and objectives." Although the "aims and objectives" differ across the eight groups of beneficiaries, they are not explicitly stated. In addition, the policy neither reflects current research in giftedness nor is it mandated, highlighting possible areas that limit its effectiveness. It is concluded that a thorough update of the policy is warranted if it is to meet its stated aims and objectives. (Contains 1 figure and 5 tables.)