The Mela, planned for Sunday July 15, has been cancelled.
And the colourful spectacle of Huddersfield Carnival on the previous day will be confined to the town centre streets.
Both events should have taken place in Greenhead Park, but council officials have had to stop them because of the sodden state of the ground.
Up to 30,000 people were expected to flock to the park for the weekend of entertainment.
But with a fleet of vehicles and heavy equipment due to arrive in the park over the next few days, officials have had to change plans.
It is the first time the two events have been hit by the weather as both are traditional highlights of the summer programme.
Now the centre of Huddersfield will be the focus for next weekend’s Huddersfield Carnival spectaculars.
Council spokesman Glenis Burgess said: “It is devastating news but the park is simply too wet.
“The park is saturated now and with more bad weather forecast, it could not stand all the lorries and heavy vehicles that had to be brought in.”
Ms Burgess, of Kirklees Cultural and Leisure Services, said: “This year’s celebration and festivities promised to be among the best yet, and spirits have not been dampened by the weather.”
“Changes have had to be made because of the recent heavy rain. Together with more heavy rain forecast for next week the Greenhead Park elements of the programme have been withdrawn.
“Because of safety considerations for both people and vehicles of the park being saturated, the events planned for the park over July 14 and 15 will not take place.”
She said the Carnival will now feature the Queens’ Show next Friday at Huddersfield Town Hall, the Carnival Parade through the town centre on Saturday and the Last Lap Dance at the Hudawi Centre on Saturday night, starting at 10pm.
“There will be almost 1,000 masqueraders in the Carnival parade, an event which spreads across the streets of Huddersfield with colour and music.
“This is the biggest parade to date and a fitting celebration of the 200th anniversary of the Abolition of the Slave Trade Act.
“Seventeen local groups have been working for months to create the fabulous costumes of the Carnival Parade. They will be joined by 10 other carnival groups from Leicester, Nottingham, Preston, Bradford and Leeds.”
The Mela was to have featured music and dance from some of Britain’s biggest Asian music stars, as well as a host of stalls and other attractions.
The Last Lap Dance features Grenadian Soca Monarch Ajamu in one of his rare visits to Britain.
The parade will be supported by music and dancing in St George’s Square and in Market Place.