Balkan Physical Union has set major objectives in promoting Physics, science education and cooperation between the Balkan countries. Based on these existing aims, the Council held in Sofia in 2018 launched the idea of organizing the Balkan Physics Olympiad, as a strong platform for promoting the excellence in Physics proved by junior high school students. After a first edition held in 2019 in Thessaloniki (Greece), other two editions took place online, in 2020 and 2021, under the organization of Romania and Bulgaria. With notable results after the three editions so far, with a steady increase in the number of participating countries, it can be said that the Olympiad wins in recognition, prestige, and interest. The aim of this paper is to present a short history of this unique competition, but also of its development perspectives.