A new preference-based measure (MacNew-7D) has recently been developed to allow condition-specific data to be used to capture the quality of life in health economic evaluations in cardiology. However, it cannot be used for this until a general population value set has been developed. This study aimed to develop an Australian-specific utility value set for the MacNew-7D heart disease-specific instrument. The discrete choice experiment (DCE) technique was chosen as the preference elicitation method. The DCE asks respondents to compare two options and to state their preference. The survey was conducted using an online panel of respondents, with quota sampling to achieve representativeness. The total design consisted of 200 choice sets. Additionally, each respondent answered two quality control choice sets. Data modelling considered a number of different approaches. In total, 1,903 respondents were included in the analysis. The optimal estimates were based on a conditional logit model and had generally good consistency. Exclusions based on dominancy and repeat tasks did not improve the models, so the full sample was maintained for the analysis. An Australian MacNew-7D utility value set ranged from −0.4456 to 1.000 was developed for the health states defined by the classification system. MacNew-7D multi-attribute utility instrument is presented with the classification system and the associated utility value set. The Australian value set can be used for heart disease-specific interventions to calculate economic evaluations’ quality-adjusted life years. We have created a Shiny App for researchers to upload their MacNew quality of life questionnaire ratings and estimate corresponding utility values.