This study was performed to explore the direction of elementary physical education(PE) should be oriented in the future. For this purpose, we find out how the competencies are reflected in the 2015 revised curriculum and try to understand it related to Value-based PE Curriculum. Based on the uniqueness of each subject, 2015 revised curriculum has been set up to educate competency emphasized in national level. PE curriculum has been revised in that way. Especially competency in PE was closely related values that are emphasized in Value-based PE Curriculum. The value of PE has the same direction with competency in that it collectively encompass the knowledge and attitude which are essential to live. Therefore, the value of physical education can mean transferable knowledge that is essential for life. Elementary school physical education in the future will have to play an important role: 1)value-based character education, 2)physical activity-based practice-oriented education, 3)competency-based integrated PE.