The celebration is being held at the American Legion Kimlau Memorial Square in Chatham Square by East Broadway in Chinatown.
The festival lasts around 40 days, and in China, the country observes a seven-day-long state holiday.
The Chinese Zodiac, a system that has existed in Chinese culture for more than 2,000 years, dictates which animal represents a given year.
The cycle repeats every 12 years, and 2021 is the Year of the Ox.
Different characteristics are assigned to each animal, and this is traditionally used to determine fortune.
The ox, for example, is associated with hard work and serenity, according to the Associated Press.
Here are the 12 zodiac animals in order with accompanying years:
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