Maghi Mela is held at Parayag every year during the month of Magh (January-February) when lacs of pilgrims from all over India assemble to have a dip in the holy waters of Parayag, in an attempt to wash away all their sins. Maghi Mela (fairs) is held every year and everyday. Thousands of people are seen bathing in this water, throughout the month. Probably it was king Harsavardhan who was the initiator of this assembly (Mela).

During Kumbh Mela (after every 12 years) Parayag wears a festive look, decorated with bright and glittering festoons. For a few days Parayag transforms into a Kumbhanagar, with lacs of pilgrims from all over India. Thousands of Sadhus and Sanyasis, who come down from their isolated mountain homes, and tourists from all over the world assemble here to participate in this auspicious fair.