The article examines changing values of contemporary youth and their parents’ generation in China and Russia, two generations with different life experiences, taking into account the emergence of the Internet, a new agent of socialization, which provides young people with a special autonomous space for growing up and forming values. The results of value socialization of young generations in the two countries are evaluated according to two waves of the World Values Survey (1995–1998 and 2017–2020). It is found that changes in youth values tend to coincide with and follow socio-economic and socio-political developments in both societies, media and Internet are an important factor influencing changes in youth values from generation to generation, modern Russian and Chinese youth have changed family values and career attitudes compared to their parents’ generation. It is confirmed that the value of education of Russian and Chinese youth is increasing, but young people in both countries consider hedonic values to be more important than their parents’ generation. The findings have implications for the study of societal dynamics.