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Loi Kratong, which is also known as Yi Peng in the north, is the most colorful festival of the year. It takes place over three days of the full moon of the twelfth lunar month, which is usually in November. The festival may have evolved from Brahmanic rites to honor the dead as well as local rites to bring an end to the rains.
Though legends suggest it was established by the time of King Tilokarat in the late 15th century, the origins of this festival prior to the last century are uncertain.
Now people generally believe that by releasing floats and balloons they get rid of bad luck and give thanks to the water and heavenly elements. Older folks may say that it is to show gratitude to the Goddess of the River - Mae Khong Kha - for use of the water.
For thethree nights of the festival people release small floats - Kratong - made of disks cut from the banana tree stem and banana leafs, with offerings that include incense, flowers, candles and money into the rivers and lakes. The Ping River becomes a stream of lights floating gently with the current. Small hot air balloons rise like lanterns high into the sky, complementing the floats drifting on the waters. Fireworks are let of everywhere, particularly on the banks of the Ping River, and there is a parade each night in Chiang Mai.
The festival begins the day before the full moon. People decorate the entrances of there houses with coconut branches, banana leafs, sugar-cane lanterns and colored paper. As dusk falls people light earthen lamps placed along the walls of their property and the fireworks start. The lantern parade takes place on Wang Sing Kham Road between Nawarat Bridge and Nakhorn Ping Bridge.
On the morning of the day of the full moon, people present offerings at the temples before releasing large hot air balloons from temple grounds. A competition for the best balloon in front of the City Hall on Wang Sing Kham Road. Boat races are held on the river.