The Sompting Festival, organised by Sompting Parish Council, will take over Sompting Recreation Ground for three days.
Parish councillor Anne Godley said: “We are really excited about it.”
The festival begins on Friday with a day for children from 2pm.
There will be a range of old-fashioned style fairground rides to enjoy – all of which will be free.
Mrs Godley said: “There are areas of deprivation in Sompting and we want all children to have equal access to all the activities on Friday.”
A choir from a Sompting school will perform and the day will finish off with a children’s disco from 5pm to 7pm.
A busy Saturday line-up, kicks off with a football tournament in the morning.
Residents can show off their skills at Sompting’s Got Talent, while the bakers out there can take part in a bake-off competition.
The cake of choice is a Victoria sponge and Mrs Godley encourages all to get involved.
In what is expected to a ‘the highlight of the afternoon’, a medieval re-enactment will be staged in one of several arenas dotted around the grounds.
Drawing the day to a close will be a barn dance, an Irish band and finally, a Status Quo tribute act.
Residents will have a chance to parade their pooches as the festival resumes with a dog show on Sunday, followed by a series of bands and a giant picnic on the grass.
Events will also take place in the Harriet Johnson Centre in Loose Lane throughout the weekend, including a stall from Lancing and Sompting Pastfinders and a visit from Roo, the shetland pony.
Mrs Godley said of the varied schedule: “We have tried to appeal to everybody so that everybody can enjoy the event.”
A tombola with masses of prizes will also be held and will be the main fund-raising activity over the weekend.
All money raised will be put towards Harvey’s Gang, a charity set up in memory of eight-year-old Harvey Buster Baldwin, a Sompting Village Primary School pupil who died of leukaemia in 2014.
“We are hoping to raise as much money as we can,” Mrs Godley said.
She thanked Sompting Big Local for all their input and added: “We are really grateful to all the businesses who have sponsored the event.”