Will i have to buy the movie again?

If i delete a movie on my iphone and off of my itunes list, would it let me download it again for free or will i have to buy it again?

If you originally bought it on itunes, you can go to "purchased" in the itunes store. (from the Quick Links on the right) then you can choose movies, and re-download it from the cloud for free.

Itunes stores your record of purchases through your user name.

You'd have to but it again. It will tell you once you try to delete it from itunes.It'll say something like "this media was purchased from the itunes store. If removed, it will have to be repurchased. Are you sure that you want to delete this file?"