The film festival has been held every two years since its first opening in September Juche 76 (1987). It is a large-scale festival where many countries over the world contribute their films.

Festival films are shown at the cinemas in Pyongyang. Opening and closing ceremonies take place at the Pyongyang International Cinema House.

The festival serves as an important occasion to promote international cooperation and exchange in the development of national film industry.

In addition to Torchlight Prize as the highest prize, there are Literary Award, Best Director Award, Shooting Award, Actor and Actress Award, Music Award, Art Award, Techniques Award and Special Prizes.