For decades tourism industry growth has been a major contributed to increased economic activity throughout the world. In tourism industry fairs and festivals play an important role. Fairs and festivals tourism are one of the fastest growing forms of tourism. They are becoming increasingly popular in rural areas as means to revitalize local economies. Fairs and festival tourism can create employment opportunities, foreign exchange earnings and increase the standard of living of host community. In fairs and festivals tourism, tourists spend their money on a wide variety of goods and services. They purchases food, transport accommodation, communication and entertainment, tour and travel services. This money is boosting the local economy both on and off the festive site. The economic impacts of fairs and festivals are the subject of analysis in two ways. One is positive impact about industry prospects while another is negative. In Solapur district fairs and festivals are the important source of capital and income to many towns and villages. Fairs and festivals can also help to generate jobs and increase revenue to local people and shopping facilities. The economic impacts of fairs and festivals have being commonly viewed as a positive for which increases total income for the host community direct indirect employment and tax revenues. It also stimulates secondary economic growth.