The aim of this paper is to present and explain the metaethical theory proposed by Ayn Rand. In particular, Rand’s view of ethics as necessary for human life is discussed. I also analyze the concept of value which is crucial to Rand’s ethics. I seek to demonstrate that the concept of value is rooted in the concept of life, and from this it follows that the normative sphere is secondary to the existence of living beings. Further, I introduce Rand’s argument concerning human life as an ultimate point of reference in her philosophy. Finally, I explain the conditional character of morality, and end my paper with a short discussion of Rand’s unique view on objectivity of values.