The paper considers mechanisms of extrapolating the axiological function on the library stock formation and creating its concept of values. The author show the latter influence upon the criterion system of primary and secondary selection, on correlation of the hybrid stock elements. Regularities of the library transformation in the electronic epoch - how the information-technological progress predetermines changes in the library paradigm of values - are exposed. This new library philosophy is being created on the cross-road of a series of sciences. Its aim is reflexive comprehension of the library role in economic, cultural and technological progress of the community, in socialization and creative development of a person, harmonizing social relations. The empiric base and starting point of generalized notions about the sphere of librarianship activities is the whole complex of all forms of social consciousness: science, policy, law, economy, moral, art and so on. Library axiology, which is a perspective direction of librarianship, is being developed successfully in the new philosophy frames. As this axiological function is inherent to the library essence mainly, it's revealed in each of so called «inner», system forming functions, such as: information-analytical, memorial, etc. Interacting with technological processes of library service and collections formation the axiological function also favors the development of various applied functions - educational, cognitive, enlightening ones and others.