While some space born observatories, such as SWIFT and FERMI, have been operating, early observation of optical after grow of GRBs is still remained as an unexplored region. The Ultra-Fast Flash Observatory (UFFO) project is a space observatory for optical follow-ups of GRBs, aiming to explore the first 60 seconds of GRBs optical emission. Using fast moving mirrors to redirect our optical path rather than slewing the entire spacecraft, UFFO is utilized to catch early optical emissions from GRB within 1 sec. We have developed the UFFO Pathfinder Telescope which is going to be on board of the Lomonosov satellite and launched in middle of 2012. We will discuss about scientific potentials of the UFFO project and present the payload development status, especially for Slewing Mirror Telescope which is the key instrument of the UFFO-pathfinder mission.