The festival is based chiefly in the city centre and its parklands, with some venues in the inner suburbs (such as the Odeon Theatre, Norwood) or occasionally further afield.

The Adelaide Festival Centre and River Torrens usually form the nucleus of the event, and in the 21st century Elder Park has played host to opening ceremonies.

It comprises many events, usually including opera, theatre, dance, classical and contemporary music, cabaret, literature, visual art and new media.

The festival attracts interstate and overseas visitors, and generated an estimated gross expenditure of A$76.1 million for South Australia in 2018[update].

The event began to take form when Sir Lloyd partnered with John Bishop, Professor of Music at the University of Adelaide.

[6] Neil Armfield and Rachel Healy were appointed in 2015 and took over from Sefton as co-artistic directors from the 2017 festival,[7] which included the landmark opera production of Barrie Kosky's Saul.

[9] However, the 2021 and 2022 festivals were affected by frequently changing restrictions imposed by the government due to various waves of the COVID-19 pandemic in South Australia, which was challenging for the organisers, and also Armfield had some health issues.

[7] In June 2019, it was announced that the Festival would receive A$1.25 million in annual funding over the following three years, to help "continue to attract major performances and events".