$('#select_id').on('change', function()
{
alert(this.value); //or alert($(this).val());
});
<script src="https://ajax.googleapis.com/ajax/libs/jquery/1.11.1/jquery.min.js"></script>
<select id="select_id">
<option value="1">Option 1</option>
<option value="2">Option 2</option>
<option value="3">Option 3</option>
<option value="4">Option 4</option>
</select>