In elite sports, athletic excellence demands meticulous performance preparation and a sound health status. This paper overviews the current propositions and applications of pervasive computing and data analytics and our vision on how they should be used in future frameworks to contribute to the optimal balance of athletes’ performance and health requirements. Two main areas will be discussed. The first area is Sports Performance Optimization, in which we consider interesting recent advancements in data analytics for performance improvement, equipment design, and team member recruitment and selection. We will also briefly discuss how the betting industry has been relaying and developing sports analytics. The second area is Athlete’s Wellness and Wellbeing, which will discuss how wearables and data analytics have been used to assess physical activity and sedentary behavior profiles, sleep and circadian rhythm, nutrition and eating behavior, menstrual cycles, and training/performance readiness. In the final part of this paper, we argue that a critical issue for managers to enhance their decision making is the standardization of acquired information and decision-making processes, while introducing an adaptable, personalized approach. Thus, we present and discuss new theoretical and practical approaches that could potentially address this problem and identify precision medicine as a recommended methodology. This conceptualization involves the integration of pervasive computing and data analytics by employing predictive models that are constantly updated with the outcomes from monitoring tools and athletes’ feedback interventions. This framework has the potential to revolutionize how athletes’ performance and well-being are monitored, assessed, and optimized, contributing to a new era of precision in sports science and medicine.