The festival was to celebrate all things Korean, including food, music, performance and dance.
"We are with a heavy heart as we share very unfortunate news of K-festival postponing once again due to a recent discovery of Variant Covid-19 in our community," organisers said in a statement.
"We appreciate your support, interest, and encouragement for K-festival which was to be held on 20th February 2021. However, as members of various communities in New Zealand, we have decided to make this difficult decision to protect our community and the people within."
Spokesman Gio Jin said the event was to be postponed until further notice.
"Our slogan for K-festival 2021 was better together and we believe that throughout this journey, we have definitely come together to support each other through the difficult times that we have faced," the statement said.
"We also believe that we have become stronger and this experience can make it possible for us to make K-festival better and ready when it is safe."
He said safety of everyone was its number one priority.