Understanding the costs and benefits of vocational education and training provides a basis for decision making regarding the investment in training. This is an important consideration for many stakeholders in the VET system, including individuals, businesses and government. This paper summarises recent research investigating the costs and benefits of training, considering it from each of these three perspectives. The review also highlights the difficulties in undertaking such analyses and provides a practical guide to factors that should be considered when undertaking, or interpreting, such an exercise.