Several balloons began the process of inflating on the grounds of Solberg Airport in Readington as the festival got underway at 1 p.m.
Ultimately more than 100 balloons from 25 different states and Canada will ascend and take to the skies through Sunday.
Eyewitness News was even able to join the festivities with a balloon of their own.
Visitors to this year's festival can expect increased security due to the event taking place near President Donald Trump's Bedminster Golf Course.
However, there are currently no flight restrictions in place. Trump is not scheduled to be there this weekend.
The festival includes hundreds of balloons and musical performances by Pat Benatar, George Thorogood and Plain White T's.
See more photos of the balloon festival below.
The Associated Press contributed to this report.