About 1200 people are expected to run or walk the gauntlet on a 4km course around the resort's Events Centre, as they pelt each other with handfuls of coloured powder.
Inspired by India's Holi Festival, the event is being run by the Queenstown Lakes District Council for the second time.
The council's recreation programmes co-ordinator, Shantelle Cockroft-Gerken, said about 200 tickets were left.
Although promotion of the event had been focused on residents, she hoped some resort visitors would also take part.
Proceeds would be funnelled into council community programmes concerned with disabled people, at-risk teens and children's sport, Miss Cockroft-Gerken said.
The event begins at 11am. Late entry prices now apply: $40 for adults, $25 for children, children under 5 free.
