Although many vaccination strategies are cost-effective, some of the newer vaccines are more expensive and may raise concerns about value for money. However, standard methods of economic evaluation may not adequately assess the true cost-effectiveness of vaccines, with the consequent under-application of vaccine strategies. Therefore, this paper reviews the evidence on cost-effectiveness of vaccines and vaccination strategies for pneumococcal disease, meningococcal disease, Hepatitis A and influenza. In each case the evidence is considered alongside existing vaccination policies in the major developed countries. The paper also highlights areas where traditional economic evaluations may not adequately reflect the value of vaccines.