Much of what people do is motivated by a concern with social evaluation. We argue that the process of figuring out what others value and making effective use of this information presents significant cognitive challenges. These challenges include reasoning about the relevance of different forms of information and making inferences about the mental lives of others. They also include modifying one's behavior in light of whatever personal qualities appear to be valued in an effort to appeal to different audiences. We argue that the foundations of many of the important skills needed to meet these challenges are already in place early during childhood, but that the challenges themselves persist well into adulthood.