This article presents a comprehensive approach for the ex-ante evaluation and the identification of relevant impacts related to the implementation of Exclusive Bus Lanes (EBL). It proposes indicators to measure the impacts related to key stakeholders: public transport operators, taxis, private vehicle drivers and passengers, as well as society regarding energy and the environment. Impact values are estimated from the application of relevant transportation planning models. The ex-ante evaluation method is based on cost-benefit analysis (CBA) and is designed to assist any decision regarding implementation of EBL by determining whether it is beneficial. To demonstrate the capability of the approach, a numerical application is provided for an area in Athens where EBLs were introduced to accommodate traffic for the Athens 2004 Olympic Games.