The Olympic Movement is one of the most amazing phenomena in the history of mankind. Olympism and the Olympic Movement strongly promote ethics, values, education, excellence, fair play and cultural understanding among people. Olympic games represent the largest sports festival in the world where the athletes get an opportunity to meet and compete with athletes form all over the world. Only a small number of people in the world become Olympians, but every person can enjoy the benefits of being physically active. Blending sport with culture and education, Olympism seek to create a way of life based on the joy found in effort, the education value of good example and respect for universal fundamental ethic principles. Sport is the most effective tool that promotes education, health, peace, gender equality and violence prevention. In addition, it is globally valued as an excellent mechanism for developing character and contributing to world peace and safety. Over the past 120 years Olympism has been adapted by the Olympic Movement and associated with values present at the given times since its formative years. The Olympic Movement has lived with the need to articulate competition and education, individual and nation, sports for the elite and sports for everybody. To this day the Olympic Games present themselves to be a non-political festivity in the spirit of humanity, free from discrimination based on gender, sex, race, color, sexual orientation, religious or political opinion. The aim of this article is to discuss the concept of Olympism, Olympic Games, Olympic Values and the role of values which are extremely important currently in the 21st century.