To sort a dictionary and keep it functioning as a dictionary afterwards, you could use OrderedDict from the standard library.
If that's not what you need, then I encourage you to reconsider the sort functions that leave you with a list of tuples. What output did you want, if not an ordered list of key-value pairs (tuples)?
itemgetter (see other answers) is (as I know) more efficient for large dictionaries but for the common case, I believe that d.get wins. And it does not require an extra import.
>>> d = {"aa": 3, "bb": 4, "cc": 2, "dd": 1}
>>> for k in sorted(d, key=d.get, reverse=True):
... k, d[k]
...
('bb', 4)
('aa', 3)
('cc', 2)
('dd', 1)
Note that alternatively you can set d.__getitem__ as key function which may provide a small performance boost over d.get.
Another way is to use a lambda expression. Depending on interpreter version and whether you wish to create a sorted dictionary or sorted key-value tuples (as the OP does), this may even be faster than the accepted answer.
d = {'aa': 3, 'bb': 4, 'cc': 2, 'dd': 1}
s = sorted(d.items(), key=lambda x: x[1], reverse=True)
for k, v in s:
print(k, v)