WoW Shadowlands' Valor system can be explained quite simply. While other forms of currency exist in World of Warcraft, the Valor points were seen as the elite of the elite when engaging in PvE (Player versus Environment) bouts.
The Valor points system was phased out in the expansion Warlords of Draenor - which came as quite a shock as they were a very popular form of currency in-game. But with Patch 9.0.5, Shadowlands has resurrected this fan-favorite.
WoW Shadowlands: Valor System Explained
Valor points were only ever awarded during PvE bouts such as raids and ventures through Heroic dungeons. Using Valor points, you could upgrade any item you picked up in these dungeons.
Blizzard are introducing a few changes however as to how the Valor points system works. Now if you want to gather Valor points, you can do so through Mythic+ PvE combat or Covenant Callings. So Heroic dungeons no longer count, as only Mythic+ and Callings will allow you to gain Valor points.
There is also now a cap on how many Valor points you can gain each week - just to try and even out the field a bit.
if you aim to complete all eight of the Shadowlands dungeons, don't forget to set yours and the rest of your team's difficulty level to Mythic+. You'll be able to pick up points and items to upgrade as you travel.
If you are aiming for Covenant Callings, don't forget to select your Covenant; otherwise, you won't be able to get the quests you need. These three-day quests are available as well as your two weekly quests. Depending on which Covenant you choose will determine which three-day quests are available. And if you manage to complete the Calling, then you can gain even more Valor points.