The music concerts and all other activities were cancelled.
Officials said with so much water, the safety of all the patrons, entertainers, crew members, and volunteers became a factor.
This marks the first time Falls Fest has been completely rained out on a Saturday.
Sherry Blevins, Falls Fest Co-Director, said, "All in all, we're very lucky in the 27 year history of Falls Fest that we've had a lot of luck [with the weather], but we cannot thank the patrons and the people that support Falls Fest enough.
"They have been there for us in the past," Blevins continued, "and We had a pretty good night [Friday] night, and in the following years we know we can count on them."
Blevins said even though Falls Fest took a financial hit this year, it shouldn't affect their plans for next year's event.
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