In order to keep pace with the times, IOC created the Youth Olympic Games (YOG) which has added new vitality to the modern Olympic movement in 2007. YOG is not mini-Olympics, even not low aged Olympics, it is youth-oriented, future-oriented, based on competition, but exceeds the competition. YOG is trying to carry out propaganda and popularization of the Olympic values among young people in the form of competition; to educate young people to get the Olympic values like friendship, fair play, non-violence, anti-doping abuse; to inspire young people around the world to take up sport and harmonious development of adolescents; to teach the youth the concept of "give", instead of "get". As an innovative product of IOC, YOG is a complementary to the current Olympic Games, it has unique characters in media attraction, business development, cultural differences and project settings. And its related theories need to be further enriched and refined, and tested in practice. Based on those, the authors suggest that YOG should properly handle four kinds of relationships business development and social welfare; elite competition and youth education; arrangements for YOG and the other Olympic Games; the small number of countries monopolizing competition and orienting youth of the world.