Valor Points

Valor Points were the upper-level currency awarded for participating in PvE encounters, typically raids and heroic dungeons in the current expansion up until Mists of Pandaria. The lower-level PvE currency, Justice Points, was awarded from normal and heroic dungeons, and some older raids. Items sold for Valor Points were available from vendors at at Niuzao Temple in Townlong Steppes, and in the Bleak Hollow on the Isle of Thunder.

Source
Valor Points are rewarded for completing the following objectives:
 * Most Pandaria daily quests:
 * The Sky Race:
 * Isle of Thunder:
 * Rare mobs:
 * Champions of the Thunder King:
 * Scenarios
 * First daily normal mode scenario:
 * Additional daily normal scenarios:
 * First daily heroic mode scenario:
 * Additional daily heroic scenarios:
 * Bonus objectives:
 * Mists of Pandaria Heroic dungeons
 * First run per day:
 * Repeat runs:
 * Challenge Mode
 * Daily challenge mode quest:
 * Gold
 * Silver
 * Bronze
 * Raid Finder segments
 * First weekly segment run:
 * Repeat segment runs:
 * Normal/Heroic raid bosses:
 * Throne of Thunder lieutenants:
 * Deeds of Valor (in Patch 5.4.8, )

Rewards
All item level 522 items added in Patch 5.2 that still cost valor points require some level of reputation with the Shado-Pan Assault. Standing with the Shado-Pan Assault is only gained in the Throne of Thunder raid dungeon on the Isle of Thunder.

Lower item level items no longer cost Valor Points, but instead cost Justice Points.

Additionally, the Kirin Tor Offensive/Sunreaver Onslaught vendors on the Isle of Thunder sell Blood Spirit in exchange for, and Mistweaver Ai on the Timeless Isle sells a Pouch of Timeless Coins for at  standing with Emperor Shaohao.

Item upgrades
As of Patch 5.1, Valor Points may be used to upgrade item levels of epic-quality crafted, dungeon, raid, and Valor Points-purchased items. Each item may be upgraded twice (or for PvE items added in Patch 5.4, four times), gaining 4 item levels each time, at a cost of per upgrade.

As a quest objective

 * A Test of Valor (quest)