Many have raised concerns about China's human rights record, especially its trade with Sudan and its response to recent upheaval in Tibet, and have called for America to send a message to the world by withdrawing from the games.
Like President Bush, however, Pelosi believes a boycott would cause undue harm to America's athletes.
"I believe a boycott of the Beijing Olympics would unfairly harm our athletes who have worked so hard to prepare for the competition," Pelosi said in a statement.
However, she was quick to criticize the host nation.
"Sadly, the Chinese government has not lived up to its commitments to improve the human rights situation in China and Tibet."
Pelosi has previously sponsored a congressional resolution criticizing the decision to award the games to China and recently returned from a trip to India, where she met with the Dalai Lama and spoke out against China's recent crackdown on social unrest in Tibet.