They are the city's two biggest Lunar New Year celebrations.
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The first parade kicks off in Uptown Saturday at 1 p.m., with more than 30 floats and a couple thousand people taking over Argyle Street.
"It's wonderful it's a great time to celebrate the culture and the businesses we have here, the diversity we have in our community," said 48th Ward Alderman Harry Osterman.
Chicago police planned to increase its presence across the city this weekend following the mass shooting that killed 11 people amid Lunar New Year celebrations in California last weekend.
"Given what happened in California there will be a lot of precautions," Osterman said. "There's a lot of volunteers and police presence but it will be a fun safe event for everyone who comes."
Chinatown ambassabors talk about Lunar New Year celebrations
Chinatown's celebration steps off Sunday afternoon near Wentworth Avenue, and the chamber of commerce has hired some private security to go along with the city's additional resources.
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"We are going to take every precaution necessary to keep people safe so while we hope for the best we always have to be prepared for the worst," said 11th Ward Alderwoman Nicole Lee.
People in the Chinatown community said they're excited for the weekend and not too worried about any security concerns.
After dealing with a shortage of business in recent years during the pandemic, shop owners said they're anxious for the boost in customers that could come with the parades.
The year of the rabbit is supposed to bring peace, prosperity and happiness, so hopefully there will be plenty of that this weekend.