In its heyday, it was the biggest event in the town's calendar and attracted crowds from miles round.
But the Fair committee has decided not to run it this year because of lack of interest from the community.
The news has been greetted with disappointment but those involved said it was inevitable.
Mabel Forsyth, Fair Queen Mother and a former committee chairman, said: "I'm disappointed because I have had 37 years of pleasure from the Fair but I can understand.
"I was part and parcel of the decision because over the last few years there has been a lack of support.
"It's the end of an era, it's very sad."
The Fair was set up in 1969 by the town's Chamber of Trade to bring business to Alnwick, reviving an old event which had not been held for 108 years.
A week in June was chosen because the corresponding period the previous year had been the quietest trading time.
The late Ken Lewis was the original chairman and committee members included Gordon Muter, Ken Kim, Bill Hopper, Alan Harris and Fred Calvert.
They chose the period of 1750 to 1850 for the event.
The inaugural Fair opened on the Sunday with a procession and a church service. A motor show was held on the Tuesday, Wednesday and Thursday with the return of the Fair on the Thursday, Friday and Saturday.
Shopkeepers organised stalls in the Market Place and the whole town got dressed up.
People flocked for the entertainment throughout the day with the ducking of the wenches especially pulling in the crowds.
The dwyle flonking and the yard of ale were popular events and the strongman competition was a hit.
Other attractions included The Militia and Bellman and there was a best dressed shop window competition.
All the schools in the town were involved with children performing on the stage.
Additions came on board as the years progressed including the Fair Queen, Fair Princess and Junior Bellman.
Mrs Forsyth said: "It was fantastic and the atmosphere was electric. There was nothing else – no music festival, no tournament, no food festival – it was the only thing.
"It was the centre of our universe. The main thing of the Fair through the years was that we were unique."
Mrs Forsyth has been involved in the Fair since its inception because her late mother Evelyn Craiggs had a dress shop on Bondgate Within.
She joined the committee in the early 1980s, when Christine Jackson was the first woman chairman, and then took over the role as school liaison officer from her mother.
She then was vice-chairman and had two stints as chairman, firstly in the mid 1990s and again before current chairman Martin Brown went to the helm.
She was also Fair Queen Mother for about ten years.
Mrs Forsyth was ably supported by her late husband Fred until his death two years ago.
Mr Calvert, who was part of the founding committee, said: "It was the biggest thing to hit Alnwick in a long time and was a major tourist attraction in the North East of England.
"The town was thronged with people and it certainly put Alnwick on the map."
He invited The Bryne Band from Norway which went on to perform at the Fair for many years. The friendship that developed lay the foundations for setting up a twin town.
Mr Calvert added: "It is disappointing but it's inevitable. People outgrow them, people want different sorts of entertainment. It has been replaced by the international music festival, the food fair so that Alnwick is still on the map."
Mavis Curry, whose late husband Gerald was involved in the Fair, said: "It was a very popular event, people didn't question it and they all had stalls. Everybody chatted with each other.
"It is such a shame because it is such a long-standing event.
"Everybody in the town took part. It started off with a church service in the Market Place of all different denominations, everybody took part and they all enjoyed it.
"It was a wonderful occasion, it went on for quite a long while.
"It was such a long time ago but I have good memories of it."
Mrs Forsyth said the support waned for the event and cited the pressures of work making it more difficult for people to give up their time, rules and regulations for impacting and cancelling events and the National Curriculum for not allowing schoolchildren to take part.
And she said that businesses changing hands and people travelling out of town for shopping and recreation have not helped.
She said: "For about 34 of those years it was a great success then it started to tail off.
"We have tried all sorts of things to try and revive it. We tried Alnwick is magick, we stopped the costumes because fewer people were getting dressed up, we tried shortening the event and we tried changing the date.
"However we just realised that this year we would give it a miss. There was nothing more we could do with the manpower we had.
"I don't think anybody who hasn't be on the Fair committee realises how much work is involved putting on an event of this size. It takes 12 months to organise the Fair for next year.
"It's very sad but it had to come. We have got thoughts of an another event but not this year. Watch this space.
"We still have a Fair committee, we still meet to discuss what could happen in the future.
"We are all upset to see 37 years of hard work disappear."
To get in touch with the Fair committee, email newalnwickfair@hotmail.co.uk