The festival runs from 5 p.m. to 9 p.m. Friday; from 11 to 9 p.m. Saturday and from 11 to 6 p.m. Sunday. Admission to the event is free.
There will be a wide variety of arts demonstrations at the festival, including dancing and music.
George Cocolas, co-chairman of the festival, said the event has two main draws.
"The festival is important for two reasons: food and entertainment," Cocolas said.
The festival is being sponsored by the St. Barbara's Greek Orthodox Church of Durham and Chapel Hill. Proceeds will benefit the American Red Cross and a building fund for a new parish.
Cocolas said St. Barbara's plans to build a new church on land close to the Streets at Southpoint on N.C. 751. The land has been sitting idle because of the high costs of construction, he said.
The proceeds also will benefit a student from Chapel Hill High School by awarding a scholarship to a college-bound student who plans to major in classic literature, Cocolas said.
Cocolas said there are almost 100 families of Greek heritage in the area.
The festival has been held for "eight or nine years, and the last four at the high school," Cocolas said. Some students have been promoting the festival as the Big Fat Greek Festival after the movie, "My Big Fat Greek Wedding," he said.