Abstract: As a crucial component of agricultural and rural modernization and a significant vehicle for rural revitalization, rural sports events, jointly driven by endogenous forces within rural areas and exogenous support, now is entering a stage of high-quality development. This study analyzes the current practical foundations of the development of rural sports events. Grounded in the neo-endogenous development theory and value co-creation theory, this study constructs an analytical framework centered on value co-creation through internal-external synergy. It proposes a systemic cycle of "value co-creation, governance foundation-building, economic value enhancement and cultural feedback," aiming to achieve the high-quality development of rural sports events through four transformative pathways: from demand fulfillment to value creation, autonomous governance to pluralistic co-governance, subsidy-dependent models to self-sustaining mechanisms, and events hosting to meaning production. The key constraints are identified in current development, including the impediments to valueco-creation, imbalances in collaborative governance, limitations in "sports event+" integration, and insufficient effective events supply. To overcome these challenges, the following breakthroughs should be sought: value activation by adhering to the farmers' subjectival presence and integrating events value; governance first, through building the events governance community and reaching the internal-external cooperation and co-governance; economic empowerment by advancing the integration and innovation of "events+", and strengthening digital technology empowerment; adapting to the local conditions to increase the effective supply and enrich the diversified events system.