Mongolia celebrates State Flag Day annually on 10 July. The event has been annually observed in Mongolia since 2009 with a military parade and a flag raising ceremony on Sukhbaatar Square

In 2008, the State Great Khural (parliament) passed the law on the establishment of State Flag Day.

The current flag was adopted on 12 February 1992, after the transition of Mongolia to a liberal democracy. It is similar to the flag of 1940, except for removal of the socialist star on top of the Soyombo – the mystic symbol for Mongolia invented in 1686 by Zanabazar