The IAAF World Championships in Athletics (WCH) is one of the biggest sports events with high popularity. However, the influence and economics of WCH still face many challenges. This study discusses the challenges faced by WCH on venue and marketing management and proposes strategies to address these challenges by reviewing the literature on the development and management of WCH and other sports events from the perspectives of venue management and marketing management. In terms of selecting the host city, this study suggests considering the city's size, transportation convenience and its sports spirit and cultural background. Facing the increased demand and heightened expectations for live events and entertainment, multi-purpose venues with diverse attractions and amenities should be taken into account. Additionally, to increase the quantity and quality of the athletes, offering substantial prize money for athletes is crucial. And creating a compelling fan experience, activating sponsorships, and partnering with influencers should be also considered to promote the marketing management of WCH.