Abstract: Under the realistic background of accelerating the formation of a new development pattern and promoting high-quality economic development, sports consumption and investment play a key role in helping to expand domestic demand and support the “dual circulation”. Research findings show that sports consumption activates the domestic market through the upgrading of consumption structure, the expansion of consumer groups, and the release of correlation effects. Sports investment optimizes the investment multiplier through total investment expansion, investment structure optimization, and investment innovation-driven development. The two constitute the internal driving force for expanding domestic demand, but they also face practical constraints such as structural misalignment between demand and supply, low total investment and structural imbalance, and obstacles in the compatibility of policies and technologies. Policy recommendations: We should combine theoretical logic with practical constraints, and take expanding demand categories, increasing effective investment, and strengthening policy support as practical paths. We should make sports consumption and investment a key entry point for promoting the formation of a new development pattern featuring domestic and international dual circulation, and make sports an important engine for promoting high-quality development of the national economy.