Last year's event attracted more than 100,000 people making it London's largest free winter event.
This year's event will host a winter market, ice sculptures, workshops, music, street theatre, a beer tent selling mulled wine, an ice bar and festive food including roasted chestnuts and a hog roast.
The star attraction this year is free husky sledding rides for children under 12. Young visitors will also get the chance to have their photo taken hugging a husky which will cost Â£4.
Shakespeare's Globe will be part of this year's Frost Fair when the Globe's Undercroft is transformed into a winter wonderland of snow covered fir trees and twinkling starlight. Twenty five traders from across the UK will sell unique hand-made gifts including pens and quills, wooden toys, hand knitted jumpers, scarves, hats and gloves and stone sculptures. Visitors will be entertained by Elizabethan musicians, a recreation of gladiatorial combat and a short Christmas play, George and the Dragon. All tickets for the play are Â£4 and available on the day.
Bankside Gallery will be staying open until 8pm.