On 14 June 2011, Valencia CF signed Parejo for a reported €6 million, with out-of-favour goalkeeper Miguel Ángel Moyá going to Getafe on a year-long loan as part of the deal.
He made his league debut on 15 August, playing 80 minutes in a 1–1 away draw to RCD Mallorca.

Parejo was quickly deemed surplus to requirements at his new club, his situation not improving even after the serious injury suffered by Sergio Canales, who played in his same position.
He bounced back, however, for 2012–13, scoring twice in 36 official games in an eventual fifth-place finish.

In the following years, Parejo was an undisputed starter for several managers.
In the 2014–15 season, his first as captain, he scored a career-best 12 goals, being one of the best scorers in the competition from the midfielder position.
In the process, he also became the first Valencia midfielder to score ten or more goals since Vicente in 2003–04.

Parejo and Paco Alcácer each scored twice in a 5–1 win away to third-place RC Celta de Vigo on 7 November 2015; his first came just before half-time, through a free kick to put the visitors ahead 2–1.
However, in January, after a poor run of form, the former was stripped of his captaincy in favour of the latter by manager Gary Neville.
He was reinstated in that position by Marcelino García Toral ahead of the 2017–18 campaign.

Parejo lifted the Copa del Rey on 25 May 2019, after a 2–1 defeat of FC Barcelona in the final.
On 14 June 2011, Valencia CF signed Parejo for a reported €6 million, with out-of-favour goalkeeper Miguel Ángel Moyá going to Getafe on a year-long loan as part of the deal. He made his league debut on 15 August, playing 80 minutes in a 1–1 away draw to RCD Mallorca.
Parejo was quickly deemed surplus to requirements at his new club, his situation not improving even after the serious injury suffered by Sergio Canales, who played in his same position. He bounced back, however, for 2012–13, scoring twice in 36 official games in an eventual fifth-place finish.
In the following years, Parejo was an undisputed starter for several managers. In the 2014–15 season, his first as captain, he scored a career-best 12 goals, being one of the best scorers in the competition from the midfielder position. In the process, he also became the first Valencia midfielder to score ten or more goals since Vicente in 2003–04. 
Parejo and Paco Alcácer each scored twice in a 5–1 win away to third-place RC Celta de Vigo on 7 November 2015; his first came just before half-time, through a free kick to put the visitors ahead 2–1. However, in January, after a poor run of form, the former was stripped of his captaincy in favour of the latter by manager Gary Neville. He was reinstated in that position by Marcelino García Toral ahead of the 2017–18 campaign.
Parejo lifted the Copa del Rey on 25 May 2019, after a 2–1 defeat of FC Barcelona in the final.
Dani Parejo