Several studies have reported a decreasing tendency of engagement in physical activity during adolescence. Since previous research suggests that enjoyment could be a key predictor of sport participation, the aim of this study was to validate the Source of Enjoyment in Youth Sport Questionnaire (SEYSQ) and to investigate the relationship between sport enjoyment and different psychological correlates such as future orientation, satisfaction with life and future life aspirations. First, we conducted an exploratory factor analysis which revealed six factors of sport enjoyment and the construct validity of the scale showed an acceptable fit. Second, we used confirmatory factor analyses to test the factor structure of the previous result on the Wiersma's (2001) theoretical model. The six-factor model contained factors resulting from the exploratory factor analysis. Subsequently, we tested for associations between these SEYSQ factors and the psychological correlates. Extrinsic aspirations were positively associated with the following forms of sport enjoyment: competitive excitement, affiliation with peers, energy expenditure, other-referenced competency and recognition; whereas intrinsic aspirations were associated with the first three psychological correlates and positive parental involvement. Additionally, being future-oriented was positively related to energy expenditure and positive parental involvement, as well as to self-referenced competency. Nearly all sources of sport enjoyment were important contributors to life satisfaction. The role of gender in relation to the sport enjoyment factors suggested that for girls, competition seemed less important, whereas parental support served as a resource. Findings provide useful information in developing strategies that strengthen adolescents' involvement in sport activities.