The Olympic figure skating competition consists of five medal events: men’s singles, women’s singles, pairs, ice dance and the team event. The singles and pairs events consist of two segments: the short program and the free skate. The ice dance event also consists of two segments: the rhythm dance and the free dance. The team event consists of eight segments: short program/short dance for each discipline and free skate/free dance for each discipline.  

The maximum number of entries for the Winter Olympics is as follows: 30 women, 30 men, 20 pairs and 24 ice dancing couples. In the two singles events, 24 of the 30 competitors advance from the short program to the free skate. In the pairs event, 16 of the 20 teams advance to the free skate. In the ice dance event, 20 of the 24 couples advance to the free dance. For the team event, the maximum number of participating countries is 10. The five highest-ranked countries after the short program/dance phase will advance to the free skate/dance phase.

In the four individual events, gold, silver and bronze medals are awarded to the competitors finishing first, second and third, respectively, in each of the four events. In the team event, gold, silver and bronze medals are awarded to the teams finishing first, second and third, respectively. Medals only are awarded to those who skated in the event (i.e. not the entire figure skating delegation from a participating country).

All competitors must have turned age 15 before July 1, 2024.

In all four figure skating disciplines, athletes are awarded points for executing a predetermined set of "elements," or moves. 

Men's singles, women's singles and pairs skaters all complete jumps, spins and step sequences, with the greatest number of points awarded for jumps. Pairs skaters must complete their jumps in unison, and additionally are required to execute throw jumps (in which the female skater is aided into the air by her male partner), overhead lifts, and a move unironically called a "death spiral." 

Ice dance is judged more stringently on technical skating skills. Teams of one male and one female partner must complete spins, lifts and step sequences, as well as a series of "twizzles" (in which athletes perform a difficult set of travelling spins in unison). Programs often draw comparison to ballroom or contemporary dance routines, and intricate choreography between partners is factored into a final score.

Men's, women's and pairs figure skaters compete one program that is of a shorter duration - 2 minutes, 40 seconds (plus or minus 10 seconds) - known as the short program, and a free skate, also known as the long program. The free skate varies in duration by discipline: the men's and pairs' free skate is 4 minutes, 30 seconds (plus or minus 10 seconds), while the women's free skate is 4 minutes (plus or minus 10 seconds) in duration.

The equivalent in ice dance is a short dance - 2 minutes, 50 seconds (plus or minus 10 seconds) - and a free dance which is 4 minutes (plus or minus 10 seconds).

Since 2004, figure skaters have been judged by the International Judging System, or IJS. The math-heavy system was designed to promote fairness and to avoid subjectivity, but it does take some effort to understand how athletes are ranked.

Whereas at one time a single panel of judges held up scores up to a limit of a perfect 6.0, the IJS has two groups who control the scores the skaters receive: the technical panel and the judges.

The technical panel, comprised of two technical specialists and a technical controller, is responsible for identifying the elements along with assigning levels of difficulty up to a maximum of four, for spins and step sequences. 

Each of the elements the technical panel calls has a specified base value as dictated by a predetermined scale of values. For example, a double (two rotations in the air) toe loop jump has a base value of 1.3 points, meanwhile a quad (four rotations in the air) axel has a base value of 12.5.

There are nine judges who then judge each of the elements based on their quality, awarding a grade of execution ranging from -5 to +5 which add or subtract points from the base value of the element. This is known as a technical element score or TES. 

The judges also are responsible for marking the Program Components, which can be understood as scores for artistry. There are five categories, each receiving points from 0.25 to 10, that make up a final Program Component Score, or PCS:

• Skating Skills (edge control, speed across the ice, power, and the use of turns and change of direction)
• Transitions (the linking of elements with intricate and varied movements)
• Performance (as the name suggests, skaters are judged for their connection to the audience, music and choreography)
• Composition (the arrangement of all elements and transitions within the music and choreography
• Interpretation of the Music (similar to performance, with an emphasis on creativity and interpretation as it relates to the music)

Finally, the PCS is multiplied by a factor. This step allows the TES and the PCS to be equally weighted before being added together for a Total Segment Score. 

Milan Cortina marks the fourth Olympics where the figure skating team event has been included. The event features 10 nations vying to compete in eight segments: men's short program, men's free skate, women's short program, women's free skate, pairs short program, pairs free skate, ice dance rhythm dance and ice dance free dance.

After each segment, points are awarded to the athletes based on ranking - first place is awarded 10 points, second place will get nine points, third place will receive eight points etc. Points from each segment are added up for each nation, resulting in a final score.

Only the nations ranked 1-5 after all short programs/rhythm dance have been skated will qualify to compete in each discipline's second segment.

After the final segments, each team is ranked by number of points received in ascending order. 

Women's Singles and Men's Singles

The draw for the short program is based on the skaters’ ISU World Rankings. Both men and women skate in five groups of six. For the purposes of the draw, the 30 competitors are divided into two groups, with the lowest-ranked skaters drawing for spots 1-15 for the short program, and the higher-ranked skaters drawing for spots 16-30. Skaters with the six-highest world rankings draw for the six starting positions in the final group; skaters with the next six-highest world rankings draw for the six starting positions in the next-to-last group. Only the top-24 skaters after the short program advance to the free skate.

The free skate draw is based on the short program ranking.

Pairs

The draw for the short program is based on the pairs' ISU World Rankings. Pairs skate in six groups: the first two groups contain three teams each, and the remaining four groups contain four teams each. For the purposes of the short program draw, the 22 teams are divided into two equal groups. The teams with the highest world rankings draw for start positions 12-22, with the four-highest ranked teams drawing for the last group, the fifth through eighth-highest ranked teams drawing for the second-to-last group, and the teams ranked ninth through 11th drawing for the 11th through 13th start positions (i.e. the last three positions in the fourth group). The teams with the lowest world rankings draw for starting positions 1-11. Only the top-16 pairs after the short program advance to the free skate.

The free skate draw is based on the short program ranking.  

Ice Dance

The short dance draw is based on the couples' ISU World Rankings. The groups are divided 4-5-5-5-5. For the purposes of the draw, the 24 teams are divided into two equal groups. The teams with the highest world rankings draw for start positions 13-24, with the five highest-ranked teams drawing for the last group, the sixth through tenth highest ranked teams drawing for the second-to-last group, and the teams ranked 11th and 12th drawing for the 13th and 14th positions (i.e. the last two positions in the third group). The teams with the lowest world rankings draw for starting positions 1-12. Only the top-20 couples after the short dance advance to the free dance.

The free dance draw is based on the rhythm dance ranking.

Athletes can receive deductions ranging from 1.0 to 3.0 points for a variety of infractions. Perhaps the most common is a fall, but deductions also are given for taking too much or too little time in an element, pausing too long in a program, or for costume violations such as a piece of clothing falling off of the skater. Deductions are taken from the Total Segment Score after the Total Element Score and Program Component Score have been calculated.