This study evaluated associations between similarity in personal values, accuracy of values perceptions, and relationship closeness among emerging adults and their mothers (dyads = 99). Contrary to previous studies, values similarity and accuracy were largely unrelated to relationship closeness. This was reinforced by Latent Profile Analysis (LPA), which revealed three unique patterns of values similarity, values accuracy, and closeness between emerging adults and mothers: (1) high relationship closeness, similar values and accurate perceptions; (2) moderate relationship closeness, dissimilar values and inaccurate perceptions; and (3) low relationship closeness but similar values and accurate perceptions. Subsequent analyses revealed different implications for emerging adults' wellbeing from different profiles. Emerging adults from the subgroup with low relationship closeness but high values similarity and values accuracy had more problematic drinking behaviors than the other profiles and lower positive affect.