This study on charity sport events in Japan aimed to determine how the participants, event organizer, and beneficial organizations co-create values and make their event effective. Using the Sport Value Framework (Woratschek et al., 2014) as the theoretical framework, questionnaire and interview surveys were conducted on "Value Received" and "Value Created" from the perspective of the three abovementioned stakeholders. The results identified four concepts: "Running event opportunity (marathon participation and commemorative gift)," "Opportunity for interaction," "Motivation for contributing to society," and "Psychological benefits" for the values received by the participants, and five concepts of "Financial support," "Impression of marathon runners," "Social system supporting fundraising," "Communication opportunities," and "Connection with other organizations in the community" for the values created by the participants. These results were