Australia hosts several world-renowned events catering to lesbian, gay, bisexual, transgender, queer/questioning, intersex, and gender diverse (LGBTQI+) people such as Sydney Gay and Lesbian Mardi Gras, and Melbourne’s Midsumma Festival. Such events enable LGBTQI+ communities to celebrate their identities, political achievements, and self-acceptance. The objective of this study was to understand the role urban LGBTQI+ festivals and events are designed to play in contemporary Australia. To address this objective, the annual reports of Sydney Gay and Lesbian Mardi Gras and Melbourne Midsumma Festival between 2010 and 2019 (inclusive) were analysed and five overarching themes related to the role of LGBTQI+ events were identified. These were: 1) Mainstreaming LGBTQI+ events as tourist attractions; 2) Supporting LGBTQI+ communities; 3) Encouraging the visibility and education of and about LGBTQI+ culture; 4) Challenging the political and social status quo; and 5) Addressing intersectionality and including other marginalised groups.