The importance of Olympic Education had grown consistently since the concept was first mentioned in International Olympic Academy’s session in 1970s. What is more, the establishment and development of National Olympic Academies is still growing worldwide. Lithuanian National Olympic Academy as one of the leaders among the 143 National Olympic Academies, in twenty years of existence has reached a lot of goals, yet more are to be reached in the future. The aim of the work was to analyze the system of Olympic Education in Lithuania by presenting its background, current situation and potential development. Lithuania can be characterized as an active member of the Olympic Movement. Since the establishment of the National Olympic Committee in 1924 and re-establishment in 1988, Lithuanian athletes have proudly represented the country in International sport events, NOC has been working to ensure best conditions for athletes, also cooperated with NOA towards organization of conferences, seminars and lectures in order to ensure the overall development and spread of Olympism and Olympic Movement in the country. Olympic Education program for formal education institutions was created in the year 2000 and is one of the successful projects that are being implemented in Lithuania. 82 schools are voluntarily participating in Children and Youth Olympic Education project. The existence of the project was extended until 2015 by the organizing institutions. Formal education institutions actively involve themselves into Olympic Education and care to spread Olympic ideals to the pupils. In the future number of schools involved should grow up to 200 and sport schools, summer training camps could become a part of the project. As a part of project management theory internal evaluation is implemented by schools, external evaluation should be established for further improvements.