The annual event is one of the biggest weekends for the villages of Staithes and Runswick, usually attracting around 2,000 visitors.
However, it has had to be cancelled this year due to uncertainties with coronavirus moving forward as it takes months of planning.
The weekend would normally begin with a 'nightgown parade' where villagers make their way through the cobbled streets wearing a traditional Staithes bonnet and nightgowns.
Celebrations including lifeboat demonstrations, raft races, market stalls and the famous duck race also take place.
Staithes and Runswick RNLI said: "After careful consideration we have decided to cancel this year’s Lifeboat Weekend.
"We had hoped that the Covid-19 situation would have improved enough for the event to take place. However, even though we are looking six months ahead, there is a great deal of uncertainty about what restrictions will be in place then. It does seems likely that some restrictions on movement and congregating will still apply.
"Given the uncertainty about whether it will be permitted, or wise, to bring together crowds of people, we have reluctantly reached this decision now – though it is probably not a surprise to anyone."
The RNLI team hope that the public will be able to help them celebrate next year's event in August 2022.