Usually, only the core bandy playing nations take part.

The designation is sometimes given as U-21 instead of Y-23 or U-23, probably as a way to compare it to the U-21 competitions in association football (indeed, the UEFA European Under-21 Championship was originally for under-23 teams).

The first two Bandy World Championships Y-23 were held in 1990 and 1992, but after this initial period, a long period existed whereby the Y-23 championship wasn't held.

The Russian Y23 team won the 2013 World Championship Y23, which was held in Obukhovo, Moscow Oblast, Russia.

Russia defeated Sweden in the final and Finland beat Norway for the bronze medals.