A film forming apparatus includes a processing chamber, a gas supply unit, a stage, at least one holder, a power supply, at least one magnet and a magnet rotation unit. The gas supply unit is configured to supply a gas into the processing chamber. The stage is provided in the processing chamber, and has a center coinciding with a central axis which extends in a vertical direction. The stage is configured to cool the object to about −50° C. or below. Each holder is configured to hold a target, and extends in an annular shape above the stage inside the processing chamber. The power supply is configured to generate a voltage to be applied to the target. Each magnet is provided outside the processing chamber and faces the target. The magnet rotation unit is configured to rotate the magnet about the central axis.