The festival is held yearly in October.

Asian feature films anticipate the premiere of their films at this festival for its prestige and added value. Over 200 films are presented at the festival.

Awards include the NETPAC award (best Korean film), the FIPRESCI award (for new asian film), New Currents Award ($10,000 cash award to a winning director), Woonpa Fund for Best Documentary (10,000,000 won is given), Korean Cinema Award, and the Asian FIlmmaker of the YEar award.

As part of PIFF, investors and producers await the much anticipated Asian Film Project (formerly Pusan Promotion Plan).