Usually held the third weekend of August, the Air and Water Show is always a big draw. Free to the public both days, this event, the largest free show of its kind in the U.S., viewers can experience daredevil thrills in the air and on the water. The show can be seen from a large area of the lakefront specifically from Fullerton Beach to Oak Street Beach, with North Avenue Beach as the primary viewing location.

The show has featured some of the best civilian and military pilots and most unique aircraft. Some of the repeat headliners have been the U.S. Navy Blue Angels, the U.S. Air Force Thunderbirds, the U.S. Army Parachute Team Golden Knights and the U.S. Navy Leap Frogs. There are also a number of civilian aerobatic teams that perform. Some of the planes that have been included in previous shows include the C-130 Hercules, the KC-135 Stratotanker, P-51 Mustang, and the supersonic T-38 Talon and the U. S. Navy F-18. Other types of crafts often included are the U.S. Coast Guard MH-65 Dolphin Helicopter, the U.S. Coast Guard Cutter and the F-35 Heritage Flight.

All stunts are performed over the water using the most up to date safety guidelines for both the pilots and the audience. With over two million viewers coming out to see the show over the course of the two days, organizers recommend getting there early. Many high-rise restaurants and bars in the area also offer specials during the show.