This descriptive study investigated the use of picture story books by preschool teachers in educational activities with regard to character education. The instruments of the study were the "Record Form for the Applications and Opinions of the Preschool Teachers about the Character Education" and "Values Check List for the Picture Story Books." The sample of the study was 245 teachers employed in public preschools in Ankara, Turkey under the Ministry of National Education during the 2013-2014 school year. The corpus analyzed was comprised of 100 picture story books that were most commonly used by the participating teachers. Sixty one of them were written by local writers while 31 of them were from foreign writers. It's stated that investigated 69 books belong to local writers while 31 books belong to foreign writers. The analysis revealed that the books included 742 values, of which 536 address preschool children while 206 included general values. Analysis further revealed that while learning, researching, happiness, kindness values appeared in books for preschool children with high frequency; success, respect, leadership, peace, caring for nature and prudence were less frequent ly included values. Of the general values, helpfulness, self-criticism, sincerity were frequently included in the books. In contrast, power, self-sacrifice, equality, self-esteem, justice, fidelity and patriotism were less frequently used. In light of the results, it is recommended that the number and the variety of picture story books aiming at character education be increased and more values be included in picture story books.