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Sport events have impacts on individuals, social life and society at large in many different ways. Tangible impacts such as improvement of local infrastructure, urban regeneration or ‘architectural pollution’ are common for sport mega events. But intangible effects may be at least as important. Sport events are manifestations and often celebrations of sports values such as competitiveness, fairness and loyalty. Such values are important for the social fabric and have an impact on social life not only in the short run but also on the accumulated social capital of the community. The purpose of this chapter is to discuss how impacts of sports events can be assessed from a wide social science perspective with a focus on sustainability. The major objectives are, first, to examine analytical frameworks related to sustainability of sport events, second to discuss analyses related to the triple bottom line framework, that is, economic, sociocultural and environmental impacts, and, third, to review implications and challenges for future research.