This review of research aimed to explore and understand the benefits of transferable life skills learned through playing sports. Life skills are internal assets, characteristics, and skills that are developed from certain experiences and are beneficial if not necessary to complete daily tasks. Life skills can further be broken down into emotional, cognitive, and social subcategories. During this review of research, it was found that participation in sports programs may enhance the acquisition or improvement of these personal assets due to the development of physical, emotional, psychological, and social aspects, which can be transferred to different areas of life, such as work, school, and family. This leads us to hypothesize that participation in sports can be beneficial when it comes to developing life skills that are used in all aspects of life. The current body of literature suggests that Youth sports should be encouraged from a young age for the obvious physical benefits and behind-the-scenes psychological benefits.