Thousands of onlookers watched on in amusement as a few dozen participants braved the choppy conditions to run full steam into the North Sea.
One man even dressed as a bottle of Jägermeister for the sobering dip, which participants claim is the “ultimate hangover cure”,
The event brings spectators and participants from around Yorkshire and beyond to the town.
They include Newcastle’s Andrew Barret, who has taken part in the last several dips.
“I travel down especially for this, I stop with friends in the area and it’s a massive part of my New Year,” said Andrew, who was dressed as a nurse.
“It’s just a great event, and I enjoy the fun and games of it all and taking part as it’s a proper laugh.”
Scarborough Mayor Pat Marsburg picked the fancy dress winners, with the male category won by a tall man dressed as a belly dancer.
Another former Mayor, Cllr Janet Jefferson, took part in the dip.
“This is the eleventh dip I’ve taken part in it, and I would say it’s probably the coldest,” she said.
“But while the water is cold, the atmosphere is warm.”
The event is organised by The Scarborough Lions, and all the cash raised goes towards good causes.
At the event, the big-hearted group handed over £300 to the Scarborough and Ryedale Mountain Rescue Team to kickstart their fundraising for 2015.
And Scarborough Lion Gareth Jones said that the event is here to stay, adding: “If people keep wanting to jump into the water, then we will be here!”