OBJECTIVES:  Acute myeloid leukemia (AML) is a genetically heterogeneous hematologic malignancy associated with reduced quality of life (QOL) among patients. Considering the morbidity and mortality associated with AML treatment, improvement in QOL is critical in establishing the non-survival benefits of AML therapies. Information on AML health-state utilities is currently limited. This study assessed how members of the general public in the United Kingdom (UK) value AML health states. METHODS:  A Time Trade Off (TTO) approach was used in this study, which has been widely used to obtain utility values for use in the economic evaluation of health technologies. Health state descriptions were developed based on the literature, which included elements of symptoms and aspects of physical, functional, and emotional well-being, as well as key adverse events of AML treatment. Ten health states included in the study were: newly diagnosed AML, induction, consolidation, maintenance, long-term follow-up, relapsed/refractory, stem cell transplant (SCT) procedure, SCT recovery, SCT long-term follow-up with and without complications. Descriptions were validated by haematologists and nurse specialists for clinical accuracy and completeness. Subsequently, 210 members of the general UK public participated in the main TTO interviews. Descriptive statistics were used to analyse the utility values. RESULTS:  One hundred and twenty-nine (61.4%) participants were female. Mean age of the participants was 44.0 years (SD 14.9, range 18 to 81 years). The following utility values were obtained: newly diagnosed AML 0.63; induction 0.16; consolidation 0.57; maintenance 0.89; long-term follow-up 0.89; relapsed/refractory 0.51; SCT procedure -0.21; SCT recovery 0.75; SCT long-term follow-up with and without complications 0.37 and 0.94, respectively. CONCLUSIONS:  The utility value is low, as expected, for the health states induction and SCT procedure. The TTO methodology can be employed to elicit utilities for AML health states which can be used in cost-effectiveness models of AML treatments for HTA submissions.