MF was published by Igromedia publishing house, along with video game magazine Igromania, since September 2003. It is distributed in major ex-USSR countries via trade net and postal subscription, as well as through publisher-owned online shop Journalshop.ru. Its editorial office is situated in Moscow. The magazine was founded by Nikolai Pegasov, later best known as a board game publisher in Hobby World. In 2018, Hobby World obtained Mir Fantastiki.
Mir Fantastiki used to be one of the main Russian periodical SF&F editions, along with Esli and
Polden, XXI vek. Since 2013 it remains the only broadly circulated survivor in its niche after an industry crisis. Unlike the other two, which were literary magazines publishing short stories, Mir Fantastiki is largely devoted to media review and sci-fi/fantasy geek subculture. It covers all sorts of science fiction and fantasy media, whether literature, movies, TV shows, video games or comics. Their official motto is "Fantasy and science fiction in all their aspects".
While the magazine is seen sometimes as a Russian counterpart to Locus or SFX, Mir Fantastiki shares certain traits with both. Its book section is largest and contains not only reviews, but also literary criticism and master classes of writing by experienced authors, most often by H. L. Oldie. However, in other sections it also covers mainstream western science fiction and fantasy franchises, such as Middle-earth or Star Wars, as well as video game and comic franchises. Mir Fantastiki reviews horror fiction as well, but less frequently than sci-fi and fantasy.
MirF annually publishes "Year's totals" and names the year's best books, films, games and other media.