As a moral education program to deepen moral values, this study developed a compassion program for third-grade elementary school students and verified its effectiveness. The compassion program consisted of four moral lessons. The opinions written by the students in each class were analyzed to reveal the deepening of their moral values. The results highlighted the following two points: First, the children’s moral values expand and deepen as they go through the lessons, which allows them to gain a multi-layered understanding of moral values. Second, the value of compassion encourages them to become aware of other moral values such as responsibility, gratitude, honesty, courage, and patience.