FastVideo is an open-source framework designed to accelerate large video diffusion models. It offers two consistency distillation video diffusion models, FastHunyuan and FastMochi, achieving an 8x increase in inference speed. FastVideo introduces the first open video DiT distillation recipe based on PCM (Phased-Consistency-Model), supporting distillation, fine-tuning, and inference for state-of-the-art open video DiT models, including Mochi and Hunyuan. Additionally, FastVideo supports scalable training using FSDP, sequence parallelism, and selective activation checkpoints, as well as memory-efficient fine-tuning with LoRA, pre-computed latent variables, and pre-computed text embeddings. Ongoing development is highly experimental, with future plans to introduce more distillation methods, support additional models, and update the code.