The Value of Children (VOC) questionnaire has been widely used to measure the value of children, that is, the reasons for wanting to have a child and expected benefits from becoming a parent. In this study we aim at analyzing the factorial structure of the Italian version of the VOC questionnaire. Data from 1,027 Italian participants were submitted to confirmatory factor analysis to test three models (a two-factor solution, a three-factor solution, and a four-factor solution), reflecting alternative representations of VOC dimensionality presented in the literature, and to investigate the measurement invariance of the best factor model across gender and family generations. The results indicated that the four-factor model (Economic-normative VOC, Emotional VOC, Family VOC, and Old-age security VOC) presented the best fit and parameters that were cross-group invariant. Implications for theory, assessment, and future research are discussed.