ABSTRACTResearch question: This study is concerned with the perception of values in relation to the Olympic Games. As, to date, there is no scale available that captures such value perceptions, the goal of this study is to develop and validate the Olympic Value Scale (OVS).Research methods: In a series of pre-studies and main studies with Olympic Games experts (total n = 561) and residents from various countries (total n = 3576), we have developed and calibrated the OVS. Exploratory and confirmatory factor analyses that control for stylistic response behavior were conducted to assess the psychometric properties of the scale.Results and findings: The OVS contains 12 items that load onto three factors: (1) appreciation of diversity, (2) friendly relations with others, and (3) achievement in competition. An additional enjoyment-related factor lacked discriminant validity and, thus, was not included in the OVS. The scale is valid and reliable in both English (here: USA) and German (here: Germany). All three OVS dimensions relate to individuals’ perceptions, attitudes, and intentions.Implications: The International Olympic Committee and related stakeholders can use the OVS to assess and monitor value perceptions in relation to the Olympic Games. In future research, it would be interesting to find out whether the values influence residents’ opinion about hosting Olympic Games in their home country and the promotion of sport in reference to the Olympic Idea.