Officially, as the name suggests, the holiday celebrates people who are serving or were serving the Russian Armed Forces (both men and women), but unofficially, nationally it has also more recently come to include the celebration of men as a whole, and to act as a counterpart of International Women's Day on March 8.

The holiday (on 2/23) is celebrated with parades and processions in honor of veterans, and women also give small gifts to the Russian men in their lives, especially husbands (or boyfriends), fathers and sons. As a part of the workplace culture, women often give gifts to their male co-workers. Consequently, in colloquial usage, the holiday is often referred to as Men's Day.