Dozens of hovercraft from all over the world will be on display during the four-day spectacle.
The aim is to mark half a century since a hovercraft first crossed the English Channel on July 25, 1959.
Organisers say this year's hovershow will be the biggest ever, putting the seaside town on the map as the world's media descend on the event in tribute to one of the most original inventions of the last century.
Thousands of people are expected to join the celebrations from tomorrow until Monday at the Hovercraft Museum, based at the former HMS Daedalus naval base.
Warwick Jacobs, a trustee of the Hovercraft Museum, said: 'Hovercraft from all over the world are on their way to the show from as far away as Australia and even Angola.
'We won't see anything like this for another 50 years. People are flying in from all over the world for the show and the world's press will be here. This is a world event, not just a local event.'
The hovershow will be packed with four days of family entertainment, helicopter and hovercraft rides, refreshments, a fair and stalls.
The two largest hovercraft in the world will be open to the public.
There will also be hover-boards and scooters not seen before on these shores.
Frances Cockerell, daughter of hovercraft inventor Sir Christopher Cockerell, will officially open the event at the Daedalus slipway on Saturday along with the Mayor of Gosport, Diane Searle.
There will be hovercraft services from Ryde on the Isle of Wight to Lee-on-the-Solent.
Saturday marks the 50th anniversary of the first operational hovercraft, the SR.N1, crossing the channel from Calais in France to Dover.
The invention was tried and tested in the Solent by Sir Christopher, who proved a vehicle could tackle both land and water when he launched his first hovercraft from Cowes on the Isle of Wight on June 11, 1959.
» For more information on the history of the hovercraft, visit hovercraft-museum.orgSPECIAL SIGNSThe AA is putting up special road signs to direct traffic to the show and free parking will be provided on the HMS Daedalus site.
Festivities start tomorrow with a preview day from 11am to 4pm.
Saturday is the 50th anniversary celebration day, running from 10am to 5pm. The show is open on Sunday from 10.30am to 5pm and 11am to 4pm on Monday.
On Friday, tickets cost £5 for everyone. Saturday to Monday prices are £6 adult, £4 under 16s and free for children aged under three.
Concession tickets are £5 for
students, OAPs, groups, museum members, disabled and their carers.
A four-day pass costs £12.
Visitors can take a hovercraft ride over to the Isle of Wight for £10 at any point during the four days. There are only 95 tickets for the ride available for each day.
A combined ticket for the Hovershow and ride to the Isle of Wight costs £15.
>> Vote in our latest web poll.