The emerging evidence on sport as a catalyst for various development objectives, however, does not yet adequately describe the monitoring and evaluation of sport-for-development (SFD) program effectiveness. With this consideration in mind, this study attempts to explore the SFDT, which is one of the main theoretical frameworks to explain the monitoring and evaluation of SFD program, in a winter-based SFD program, to which the theory has never been applied. Data were collected from SFD practitioners of the Pyeongchang Dream Program in South Korea through interview, focus group discussion, and a content analysis of 2015 Pyeongchang Dream Program archives. The findings revealed that SFDT, consisting of five components (impact assessment, organization, sport, education, and cultural enrichment), is an appropriate theoretical framework to comprehensively evaluate the effectiveness of SFD program in terms of its contents, processes, and outcomes. Drawn from the findings, we provide further evidence on the validity of SFDT and theoretical and practical implications for SFD.