Ahead of the event, the Tel Aviv Municipality has hung hundreds of pride flags throughout the city, though this year the flags are different.
The rainbow flags synonymous with the festival have the yellow color stripe significantly expanded, as a sign of solidarity with the hostages in Gaza and their families.
Ron Huldai, Mayor of Tel Aviv-Yafo said: “The pride flag is a symbol of freedom. This year, we demand freedom for the hostages who are held captive by Hamas. Currently, 125 of our sons and daughters are still hostages in Gaza.
“We are in one of the most difficult periods of the state of Israel and the circle of bereavement is expanding every day. We feel the pain of the entire country, and at the same time, we do not stop for a moment the fight for equality and freedom–for everyone."
The decision to organise an assembly this year was born out of a desire to commemorate the events of October 7 and acknowledge the ongoing war.
Israeli artists are expected to perform at the event, among them Eurovision stars Netta Barzilai and Noa Kirel.
As part of the festival, there will be a special tribute to those murdered at the Nova Music Festival and a ceremony to honor the community's loved ones.
Organisers said: “We must embrace the families of the hostages who are fighting to bring thier loved ones home now.”