This is Olga Korbut. She was 17 years old when she competed in the 1972 Olympics.
Before she competed, gymnasts were generally older and the emphasis of the sport was on elegance, rather than acrobatics. After her Olympic debut the sport of gymnastics changed to focus more on acrobatics along with a surge of inspired young girls wanting to compete.
The "Korbut flip" is a move named after Olga herself.
Here is Olga performing her routine which includes the "Korbut Flip" at the 1972 Olympics.
Look at the back flip over the lower bar and back onto the high bar!
The Korbut Flip on uneven bars is no longer allowed in gymnastics competitions. The reason for it's banning was because it involves standing on the high bar, a maneuver which is now illegal in the Code of Points because it interrupts the rhythm created by swinging movements. The last time the move was credited to a gymnast was in 1985.