The long-running event was put on by the Exchange Club of Naperville.
They said costs to organize the event after the pandemic were too high, making it impossible to turn a profit.
In a statement on their Facebook page, the festival wrote, "It is with great sadness that we will not be able to continue on with Ribfest in the future.
We can be proud of the years of service we have given to our town and families. Ribfest, The Grand Prix, 3 on 3 basketball tournaments, parades, many service projects, Police and Firefighters of the year, The Crime prevention calendar, Adopt a family at Christmas, the holiday trolley Christmas parties, Ribfest pre-parties and after parties, scholarships for students in all of our schools, the 911 ceremony, give a kid a flag to wave. Our impact will live on in our community because of our years of dedication and service to our community."