The aim of this paper is to explore the philosophical significance and the cognitive value of philosophy with children and their relation to educational objectives. Although philosophical discussions can be conducted with people of any age, we have in the first place in mind discussions in the classroom with children of elementary school age. It will be argued that the three phases of philosophical sessions in the classroom, the reading of a story, questioning, and the subsequent discussion, each have their own cognitive value and educational objectives. The philosophical conditions of a community of inquiry will be investigated and it will be seen that they lead to a specific conception of philosophy. Finally story-reading will be seen as more than an arbitrary occasion for bringing forward philosophical questions.