The boat is known as The Ghost of Dunkirk due to the role she played in evacuating troops from the beaches during the Second World War.
She was found in a boatyard in France by Dee Day White and Tush Hamilton, who raised the funds to buy her and bring her back to Hastings.
The event runs from 7.15pm - 11pm and features live music from Jiggery Pokery, The Salts , RX Shanty Men, Harmony One and Now and Then.
Fittingly the music will feature shanties and songs of the sea.
It will also include a song specially written about the lifeboat by Jiggery Pokery.
The Cyril and Lilian Bishop is currently based in a boatyard adjacent to the lifeboat house while it undergoes restoration.
In the summer the boat will move to a permanent display site opposite the Stables Theatre, near Market Cross, not far from the restored Priscilla Macbean lifeboat.
Tickets for the concert are £8.50 in advance from Hastings Tourist Information Centre, Aquila House, Hastings Seafront, or from Cobblers to the Old Town, The Jenny Lind and the FILO in High Street, Old Town. Tickets on the door will cost £10.
If you would like to contribute to the restoration of the lifeboat donations can be made at the local branch of Santander - sort code 09-01-28, account number 49444310 or sent by post to 4 All Saints Crescent, Hastings, TN35 5PD.
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