Reads Quay will be closed from Peel St to Lowe St from 3-10pm for vendors to set up and operate.
Vogel St and the Marina carpark will close from 3-10pm for vendors and fireworks.
A Gizzy Local spokesman said the celebration of the first evening of the year brings together locals and visitors for an unforgettable night of entertainment.
It will feature live music and a range of activities to complement the fireworks finale.
The free, family-friendly event has been a summer highlight in Gisborne for more than 20 years.
Performers on the night include Caden McGoverne, Grace McVey, Salem and Samantha Booth.
The build-up to the fireworks show commences at 6pm, January 1.