The Mongolian Foundation for Open Society was established in 1996 as an autonomous non-profit, non-partisan, non-religious organization dedicated to initiating and supporting open society activities in Mongolia. It is part of a network of foundations established and supported throughout the world by financier and philanthropist George Soros that aim to transform closed societies into open ones and to protect and expand the values of existing open societies.

The concept of open society is, at its most fundamental level, based on the recognition that people act on imperfect knowledge and that no one is in possession of the ultimate truth. In practice, an open society is characterized by the rule of law; respect for human rights, minorities, and minority opinions; democratically elected governments; a market economy in which business and government are separate; and a thriving civil society.

The priorities and specific activities of the Mongolian Foundation for Open Society are determined by a national board of directors and staff in consultation with George Soros and Open Society Institute boards and advisors. Through grants and operating programs, the Foundation actively supports initiatives in civil society, education, media, public health, and human and women's rights, as well as social, legal, and economic reform.