Heritage and tourism mutually transform each other. Heritage-creating processes not only produce subjective perceptions of the past but also create the future with the values people choose to carry on. Using a case study of Gubei Water Town (hereafter, GBWT) in China, this chapter presents an axiological investigation of heritage creation in tourism. It shows how the process is influenced by different values and why heritage is created in GBWT. Findings reveal that political goodness and commercial goodness dominate the heritage-creating process. Consequently, the promotion of a national narrative and the fulfilment of tourists’ aesthetic desires are prioritised, while the well-being of relocated villagers is overlooked. Although the concept of heritage creation focuses on democratic aspects of heritage, actual practices can lead to adverse consequences. Axiology serves as a tool for evaluating and guiding heritage creation in tourism.