The Molodist Film Festival was founded in 1970 and the awards ceremony was held in 1997. The festival has evolved from a local professional showcase of student films to a major international event that discovers world-class directors.

The festival's goal is to develop young filmmakers and help aspiring directors find their path. The festival's symbol «Scythian Deer» is a special award given to filmmakers for outstanding personal contribution to development of world cinema.