The purpose of this study was to apply ‘creating shared value(CSV)’ concept into the Korean sport diplomacy. The major elements of CSV are divided into three concepts; 1) reconceiving products and markets, 2) redefining productivity, and 3) enabling local cluster development. Because the Korean sport diplomacy has focused on enhancing the National Team’s performance, hosting mega sport events, and globally promoting some national sports (e.g., Taekwondo), it has been lack of substantiality that would bring ‘win-win’ situation not only in the country but also in the sport industry. In other words, those interests are strongly related to ‘now-important’ tasks needed to be accomplished in a given time; it has no surprise that the Korean sport diplomacy does not have long-term visions and philosophies that help Korea to keep sustainable in terms of international relationships through sport and sport events. Therefore, the author introduced the CSV concepts to the realm of sport diplomacy and identified folloiwng meaningful applications from in-depth interviews and case studies. Those are 1) undergirding international relationships through sport events and sport-related cultural activities from ‘reconceiving prodcuts and markets,’ 2) fostering legacy inheritance and development from ‘redefining productivity,’ and 3) utilizing sport facility for local clusters of the sport industry. In conclusion, this study provided furture directions and suggestions for the substantiality of the Korean sport diplomacy.