This essay examines the significance of traditional folktales in the moral development of the individual person and laments the near extirpation of this tradition in contemporary family life and the attendant toll on the moral values that are characteristically African. In an attempt to investigate this issue critically, this paper employed the critical analytic approach to situate folktales in the Edo thought system. From the analysis, part of the reason why there is deficit in our value system was attributed to the disappearance of folktale, that acted as a veritable vehicle for transmitting life`s lessons that guaranteed a humane society. It called attention to the danger of departing from such a phenomenon and ruminated on the cultural splendor of keeping the folktale tradition. It concluded by recommending ways of revamping the folktale culture.
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