Objectives <p>This study aims to test whether preferences for children’s health states differ (a) when considering those aged 2–4 years compared with older children and (b) by parental status; we also aim to provide a value set that can be used for 2–4 years old.</p> Methods <p>Health states were described using the Child Health Utility 9D (CHU9D). A discrete choice experiment (DCE) survey was administered between September 2023 and March 2024 to a representative sample of the Australian general adult population which included a 20% quota of parents of 0–18-year-old children. Participants were randomly allocated to two study arms considering the health of a 2–4-year-old or a 10-year-old child. A conditional logit model was used to obtain the latent values from the choice responses. The differences in latent values between the two ages and between parental status were analyzed using relative attribute importance (RAI), poolability test, and pooled model with interaction terms. Visual Analogue Scale (VAS) responses were used to anchor the latent values onto a 0–1 utility scale.</p> Results <p>In all, 3112 participants were included. Results suggested that the preferences between the two age perspectives were similar, with only 1 out of 36 interaction terms being significant. Preferences of parents of children aged 0–18 years differed from those who were not, as indicated by three significant interaction terms and failure in poolability testing, having smaller disutility for severe health states in the Pain, Tired, and Joining in Activities dimensions.</p> Conclusion <p>In the valuation of CHU9D health states, asking respondents to consider a 2–4-year-old compared with a 10-year-old did not influence adults’ preferences; however, the preferences of respondents who were parents of 0–18-year-olds at that time differed from those who were not. Two CHU9D value sets are reported for children 2 years and older, one derived from the general adult population and the other from parents.</p>