The chapter presents a complex of formative capacities for volunteer activities for the development of university students. Based on the methodology of a holistic approach to the analysis of the pedagogical process in the sphere of student volunteering, as well as empirical data from a survey of students and experts on volunteering, the authors propose a construct of the pedagogical functions of this sphere within the framework of a three-component structure of functions – developmental, educational and upbringing. The developmental capacities of volunteering are represented by such functions as: identification, referential, integrating, cognitive, orientation, reflective, communicative, empathy, facilitation, catharsis, functions of self-disclosure and self-consciousness. The educational component of volunteering includes the functions of social competence, as well as civil, legal and cultural competence, a team-building function, the functions of project modeling, professional adaptation, professional testing, professional-practical, career and self-education functions. The upbringing influence of volunteering is expressed in such functions as: social-motivating, innovative-initiative, harmonizing, human-istic, labor, value-worldview, spiritual-moral, functions of hardiness, self-organization, self-determination, and self-formation. The study concluded about the leading role of the moral function of volunteering for students’ self-realization. The study concluded about the leading role of the moral function of volunteering for the full-fledged self-realization of students in society. Key words: volunteering, university students, pedagogical functions, productive self-realization, education, students' moral development.