Sponsorship is often viewed less as a decision related to Corporate Social Responsibility (CSR) and more as a tool for marketing promotion. This shift has led to a substantial increase in the allocation of resources to sponsorship by marketers. In other words, sponsorship has evolved from being merely an expression of “good social behavior” to becoming a legitimate marketing communication expense, justified by the expected return on investment, similar to other marketing communication methods. We define sustainability sponsorship as a sponsoring activity aimed at contributing to sustainable development by balancing social, environmental, and economic concerns, while refocusing on shared value. Sustainability sponsorships and events can provide substantial benefits to both the brand and the organizations they partner with. Through sustainability sponsorship, companies can improve their visibility and enhance reputation while contributing to important societal well-being efforts worldwide. In this chapter, we will focus primarily on sustainability sponsorship by examining its fundamental mechanisms, theoretical justifications, and potential benefits sought by the sponsoring organizations. Our emphasis will be on different forms of sponsorship in which sustainable objectives are directly promoted (e.g., social and environmental sponsorship and corporate cause promotion), including the forms of sponsorship that occur indirectly (such as cause-related marketing). To this end, we will draw upon brand management, organizational theory, and CSR theories. The chapter highlights practical managerial implications and recommendations for future research.