The aim of this paper is to clarify the educational meaning of excellence by replying to the following two questions. What relationship does excellence have with equality? What does excellence mean in neoliberalism? Concerned with the first question, we can argue that excellence should not be considered as a concept in the same dimension with equality. Excellence is a concept in the higher dimension of standard, but equality is a concept in the lower dimension of method or procedure. The concept that can be thought in the same dimension with equality is free competition. Concerned with the second question, we can say that neoliberalistic excellence is the same meaning with economic efficiency, which cannot be considered as an educational excellence. Because the concept of economic efficiency tends to degenerate education into non-education by making education become an instrument to achieve something that lay beyond it. Above all, educational excellence should be defined with the worthwhile ends that are intrinsic to education, definitely not external to it. Educational excellence is the figurative rudder vertically fixed in educational activities which is steering them. Now, when the educational rudder has been lost under neoliberalistic influences and only the concepts of market remains for explaining education, a deep reflection on intrinsic qualities of education is demanded much more than ever.