Through an examination and clarification of the philosophy of Olympism, this paper analyses the appropriateness of using Olympism as a mechanism of teaching values and intercultural respect through sport to students. From a review of the literature on Olympism, three themes emerged as common to most conceptions: 1) fairness, 2) equality, and 3) ethical behaviour. These three components of Olympism are analysed in turn to show that each one has had problematic associations throughout its application in sport. Consequently, when educators employ Olympic education programmes that focus on the philosophy of Olympism as a means of teaching ethics and values in sport, they are advised to avoid perpetuating the belief that all aspects of the Olympic Games are going to be equitable, fair, and ethical; instead they are cautioned to introduce and engage in discussions with students about Olympism and the Olympic values in more critical and nuanced ways.