This chapter focuses on the ethical evaluation of performance-enhancing drugs (PED) in the context of Olympic values and the World Anti-Doping Agency (WADA) global regulatory policies. It is well known that references to Olympic values have traditionally played a role in arguments for and against the ethical rationale for anti-doping in sport. With our contribution we evaluate those Olympic values in relation to the new 2021 World Anti-Doping Code. We set out an account of the philosophy of the Olympic Movement, typically referred to as “Olympism”. We show that the philosophy is not a homogeneous phenomenon but in fact a contested concept. We demonstrate how a philosophical interpretation of Olympic values, implicitly and explicitly, comprises the ethical rationale for anti-doping. We then set these values in the context of broader social trends that are more permissive with respect to physical and cognitive enhancement. In conclusion, we discuss whether the Olympic values are anachronistic when set against broader pharmacological liberalization or whether indeed they represent a normative vision of sport that is worthy of support.