It is likely many participants will be in a good mood as they parade through the Hungarian capital, adorned in rainbow colors and glitter, without fear of arrest.
But the years in which LGBTQ rights were gradually eroded under national-conservative Prime Minister Viktor Orbán have left their mark on Hungarians who identify as LGBTQ.
Fidesz (Viktor Orbán's party) "has stolen 16 years of my life," says LGBT activist and journalist Ádám Kanicsár, referring to the restrictions on LGBT rights during Orbán's time in power.
Ádám Kanicsár believes that the erosion of LGBTQ rights has had an almost traumatic effect on those affected and that it will take time to heal.
The festival was banned
Last year's festival was banned after Hungary passed several laws that effectively banned public gatherings organized by LGBTQ groups; the police barred the event.
But despite, or perhaps because of, the ban, up to 200,000 people marched in the parade, according to the organizer's own estimate.
Ádám Kanicsár believes this year's pride parade will be much smaller.
"Unlike last year, when we fought for our rights, this will be a normal celebration," he says.
"Last year was pride for real! Like in the 60s and 70s when LGBTQ people needed to fight for their rights," he continues.
"Leave the Hungarians' bedroom"
Budapest's mayor, the liberal Gergely Karácsony, opposed the government's decision last year after finding loopholes in the law. He said it was the city, and not an LGBTQ organization, that was the organizer.
The authorities disagreed and charged him with organizing the event. But in April this year, the European Court of Justice ruled that Orbán's law from last year violated EU law and the charges were dropped.
The EU decision came nine days after Orbán was voted out in the parliamentary elections, which the Tisza party, led by Péter Magyar, won by a landslide.
After Magyar took power, he lifted the ban on the Pride festival. And earlier in June, he took the opportunity to criticize his predecessor, telling Fidesz to "leave the Hungarians' bedrooms as soon as possible."
