The purpose of this paper and study i.e. to figure which key economic factors can help us explain country performance (medals) in the Olympics. The paper focuses on 3 key objectives, namely: To produce a list of possible key economic factors that can explain Olympic performance. To produce a simple Mathematical model based on these factors which could possibly predict the Olympic tally at a country level. To identify the degree to which these factors will influence Olympic performance The study has been carried out in a way to develop a conceptual model and to analyze the hypotheses. I have considered the Beijing Olympics 2008 Games, sampled with 83 countries and 946 medals for the study. Based on the findings of the study, a few recommendations have been made, which if implemented in developing countries like India, may contribute to improving the sport performance of these countries in the future.