It can be found along the west bank of the Nile river, right across the Thebes, now known as Luxor. Even though the name is in the singular, the 'Valley' is actually made up of two valleys ― the East and the West Valley.
It is one the most famous archaeological sight in the world. Archaeologists were digging in the dirt in this valley for many years and what made it famous though is the fact, that it was here, where they discovered the tomb of Tutankhamen. This tomb is said to have the curse of the pharaohs on it.
The isolation of the area allowed the tombs to be guarded because of the reduced access. It is strange that what has come to be a symbol in the world's eyes of ancient Egypt (the pyramids on the Giza Plateau), really is not the way they did things back then.
Most of the tombs that can be found were cut out of rock, even most pyramids have sections, that were cut out of solid rock. You can even find solid rock tombs that date back thousands of years.
There was a time when Egypt was not united and it had many rulers with different ideas. When it was united at long last, the pharaohs wanted to show off their new power, and the only way they could do this was to build these huge elaborate tombs, that could tell everybody their greatness. It has about 63 tombs.
During the eighteenth dynasty, the only people who had big beautiful tombs were the kings themselves. When somebody was buried that was not of royal blood, they got a much smaller tomb, which was a rock cut into a chamber and was usually placed near the tomb of his master.
People have been interested in the valley for a while as this was the site of modern exploration in Egypt. It has boosted tourism in the valley. Usually, there are about 16 tombs open to the public (never at the same time). Photography is not allowed and people are expected to touch nothing and are supposed to walk silently without making any sound.
The Gate of the King is an interesting place with an even more interesting history. Visit it, if you are interested in unraveling the mystery of these tombs.