The unique event will feature live ice carving by Liverpool based sculptor Matthew Chaloner, a hands-on ice wall where people can carve ice blocks themselves and an ice trail around the town centre.
A fiery fire show will be the finale on the day and the trail includes a 'Light Labyrinth'. Barnoldswick's very own dragon will also be unveiled at the festival.
One of the event organisers, local councillor David Whipp said: "Our festival is the first of its kind in our area, an opportunity to see some unique sculpting skills. Based on a Game of Thrones theme, the event features dragons as well as ice and fire. A Winter Market, free children's rides, a circus show and dragon crafting activities are additional draws on the day.
"The event is part of a popular programme aimed at getting the town centre bustling again. It's being supported with Covid recovery cash through local regeneration company West Craven Together and Barnoldswick Town Council."
The ice trail opens at 10am, with activities throughout the day and a fire show finale at 5-30pm.