Value relevance is one of the basic assumptions of quality of accounting information and accounting information is considered to be value relevant when it is associated with share prices. Global crisis caused by COVID 19 pandemic affected all spheres of economy and rose investor’s uncertainty to unexpected levels. Due to such considerations it is interesting to analyze how value relevance of accounting information reacted to crisis caused by this pandemic. The aim of this study is to investigate value relevance of accounting information on Croatian capital market in period 2016-2020. Focus is to determine impact of COVID 19 crisis on the value relevance of accounting information. More precisely, authors determine how value relevance of book value and earnings reacted on crises caused by COVID 19 pandemic. Research is conducted on a sample of companies that were listed on Croatian capital market in the observed period. In order to get better insight into research problem, value relevance was analyzed in two periods: pre-crisis period and crisis period. Pre-crisis period included total of 105 firm-year observations while crisis period included 70 firm- year observations. Association between accounting variables and share price was tested by using Feltham and Ohlson's (1995) model. Results show that accounting information on Croatian capital market are value relevant in per-crisis and in crisis period. Moreover, value relevance of earnings and book value increased in observed period but crisis caused by COVID 19 brought a shift in information content of accounting information in favor of earnings. Research results show how book value has greater explanatory power in pre- crisis period while earnings have greater explanatory power in crisis period. When both accounting variables are combined together results also confirm that crisis caused by COVID 19 had negative impact on the value relevance of book value followed by positive effect of the value relevance of earnings. More precisely, during crisis period earnings are statistically significantly correlated to share prices while book value is not correlated with share prices.