In connection with the 50th anniversary Physics Olympiad (FO) in the Czech Republic and 40th anniversary of the International Physics Olympiad (IPhO) is discussed on the benefits of this competition to the systematic training of talented youth in this competition and its orientation to the future of professional technical degree in physics or theoretical disciplines. It remembered the contribution of Czech celebrities, especially prof. RNDr. Rostislav Kostal, to the emergence and development of FO and IPhO. Author, one of the organizers of FO and IPhO from their very beginnings, discusses the history, structure and achievements in these competitions.