"Each year, the season of harmony begins when the sun and moon are in alignment. Paying homage to the way that both nature and time are tirelessly in the process of progressing... the Carnival of Time is when the peoples of the four worlds celebrate that harmony and request fruitfulness for the year. For ages, people have worn masks resembling the giants who are the gods of the four worlds."
The Carnival of Time, also known as the Festival of Time, is an event from The Legend of Zelda: Majora's Mask. Celebrated annually in the land of Termina, the carnival is meant to honor the Four Giants who protect the land.
The fireworks display on the Eve of the Carnival of Time
It is believed by the citizens of Termina that appeasing to the Four Giants with the Carnival of Time will bring a good harvest. Clock Town is usually at its busiest during the Carnival, with tourists from all over Termina coming to see musicians and artists perform. This time, however, only a few have decided to stay, due to the approaching Moon. On the Eve of the Carnival (midnight of the Final Day), a grand staircase is opened from the Festival Tower, a temporary structure, to the Clock Tower in South Clock Town, granting access to festival-goers, though this is never completed in the game. The lighthouse part of the tower also pivots down, turning the clock face to point upward for use as a platform.
Prior to Link's arrival in Termina, the Skull Kid uses the power of Majora's Mask to command the Moon to crash down on Clock Town. Link must stop the Moon before the first day of the Carnival, which is also the day the Happy Mask Salesman is set to leave Termina.