This study aims to examine the mediation of the effect of leverage on the firm value through earnings management. I used a sample of 56 companies listed on the Egyptian stock exchange distributed over 7 sectors during the period 2014 to 2019, to investigate the relationship between financial leverage and firm value. In addition, the indirect relationship between financial leverage and firm value is investigated. Debt to assets ratio is used to measure financial leverage, the sum of residual of accruals and residuals of real activities manipulation measures is used to measure earnings management. Tobin's Q is used to measure firm value. To test hypotheses a simple mediation model is tested using Hayes (2013) conditional process model. The results indicate that there is a positive relationship between leverage and firm value. The results also reveal that no indirect effect inferred and earnings management plays no mediating role in the relationship between financial leverage and firm value.