In 1956, the Pegasus Parade was the first event held by the Kentucky Derby Festival. With four volunteers and a budget of $640, the parade excited Louisvillians and their guests with floats, inflatables, marching bands, equestrian units, and celebrities traveling down Broadway. It was the start of a tradition that has become the cornerstone on which a festival was built.

Held each year on the Thursday before the Kentucky Derby, the Pegasus Parade showcases the community at its best. With dogwoods and tulips in full bloom, the stage is set on downtown's main thoroughfare for one of the countrys largest and most entertaining spectacles.

Among the most spectacular units are the larger-than-life floats. Many are built by the employees or volunteers of the sponsoring groups, who take the awards competition very seriously. The result is one of the most animated, colorful displays in the country. In addition, some of the nation's best high school bands blow the lines off the street with lively music. A staple of any parade in the Bluegrass state, beautiful equestrian units add more color and excitement. Giant inflatable character balloons, clowns and celebrities round out the mix of this annual rite of spring.