Mega-events have different types of effects for host cities or countries. The purpose of this paper is to identify the impact indicators of the Formula 1 Grand Prix in Baku, Azerbaijan from the perspective of tourism stakeholders and to investigate the effects of these impacts on the urban sustainability through the perceptions of stakeholders after the Formula 1 Grand Prix. The results indicated that environmental and social impacts exerted significant positive effects on urban sustainability. All positive dimensions of economic impact exerted significant positive effects on urban sustainability and 'prices rising' negative dimension exerted nonsignificant effects on urban sustainability. The results showed that except 'tourism infrastructure development' other positive dimensions (infrastructure development, protection of natural resources and cultural heritage) of environmental impact and only 'social welfare' positive dimension of social impact exerted significant positive effects on urban sustainability. This research contributes to policymakers by revealing the impacts of megaevents on urban sustainable development.