Purpose: The purpose of this study was twofold: (1) to compare non-specific low back pain (LBP) patients’ health state valuations with those of the general population, and (2) to explore how aspects of health-related quality of life as measured by the EQ-5D-3L impact non-specific LBP patient valuations. Methods: Data were used of a randomized controlled trial, including 483 non-specific LBP patients. Outcomes included the EQ-VAS and the EQ-5D-3L. Patient valuations were derived from the EQ-VAS. Population valuations were derived from the EQ-5D-3L using a Dutch VAS-based tariff. The difference between patient and population valuations was assessed using t tests. An OLS linear regression model was constructed to explore how various aspects of health-related quality of life as measured by the ED-5D-3L impact non-specific LBP patient valuations. Results: Non-specific LBP patients valued their health states 0.098 (95% CI 0.082–0.115) points higher than the general population. Only 22.2% of the variance in patient valuations was explained by the patients’ EQ-5D-3L health states (R2 = 0.222). Non-specific LBP patients gave the most weight to the anxiety/depression dimension. Conclusions: This study demonstrated that non-specific LBP patients value their health states higher than members of the general population and that the choice of valuation method could have important implications for cost-effectiveness analyses and thus for clinical practice.