The Australian Ballet is celebrating its 50th anniversary with a spectacular international gala in Melbourne.

Guest dancers from companies including the Paris Opera Ballet, American Ballet Theatre and the Bolshoi Ballet will be a part of the performance, which will be broadcast live to 14 places around the country on Friday.

The Australian Ballet's artistic director David McAllister says there is a buzz at the company's studios in Southbank.

"It's been a huge year and I think with the international guests and just that whole sense of occasion about the actual 50th anniversary, I think everyone's pulling out all the stops to make sure they're perfect," he said.

"We've invited some amazing dancers from all around the world that are really coming in and doing their party pieces.

"So it's a wonderful repertoire from the classics, some beautiful contemporary pas de deux and really a great celebration of ballet."

The American Ballet Theatre's principal artist Julie Kent says she was thrilled to be invited to perform.

"It has really been a lifelong dream of mine to appear as a guest with the Australian Ballet and I was beginning to think it might not happen and so when I received the invitation to participate in not just any performance, but the 50th anniversary of this great institution, I was just absolutely delighted."

Ms Kent says her mother used to dance in Sydney.

"She has such fond memories of the exciting times and the beginning of the classical ballet scene in Australia and so she's here with me as well to join in the celebrations."

The Australian Ballet's principal artist Adam Bull says Julie Kent will be a joy to dance with.

"Julie Kent is a superstar on the world stage so I am so excited to be dancing with her," he said.

"She's such a lady, she's so giving and generous, so it's going to be a real milestone for me as well to be dancing with her," he said.

The Australian Ballet has grown in size and reputation and is now one of the world's most respected companies.

David McAllister says Australia's relative isolation has served the company well.

"We've been really lucky that from the beginning of the company, we've been pushed out into the world and I think that was great because it made us benchmark ourselves, not just with being the biggest ballet company in Australia but being on the world stage," he said.

"So we had to actually stand up next to those big companies like the Bolshoi and the Royal Ballet and the Paris Opera Ballet."

There are five gala performances at Melbourne's Arts Centre.