Googled it: 1, it needs to have an International Federation that governs the sport, sets and enforces rules, organizes tournaments, etc.
#2, it needs to be practiced in at least 50 countries (female sports) or 75 countries (male sports)
#3, it needs to hold World Championships.
#4, it needs to be recognized by the IOC, and finally,
#5, it needs to be voted in to the games by a 2/3 majority of IOC members at the first IOC meeting following each Olympic Games.