To prepare for the physics competition, focus on solving challenging problems, with Irodov's problems being highly recommended. It's essential to first master the material covered in the competition, particularly calculus-based physics. Reading textbooks like Serway's multiple times can enhance understanding. Additionally, utilizing online resources, such as blogs that offer physics problems and solutions, can be beneficial for skill improvement. One participant shared a link to their blog, which includes IPhO problems and solutions, as a helpful study tool.