The Panathenaic Festival (or Panathenaia) was celebrated every year with a sacrificial procession, and with a more splendid, Panhellenic festival (the Great Panathenaia), every four years. A new robe was presented to the ancient wooden statue of Athena Polias ("Athena Who Protects the City").

For months before, a team of maidens from aristocratic families (known as "Workers") had woven it. The priestess of Athena, together with the young girls who performed the Arrephoria, ceremonially inaugurated the task. Then the robe was carried out by the Workers. The traditional motif embroidered upon it was the battle of gods and Giants, at which Athena was said to have had a prominent role. By the late fifth century the robe was as big as a ship's sail, and was fixed on the model of a ship mounted on wheels. This ship-cart had a crew of priests and priestesses wearing golden and colorful garlands. A nocturnal festival was the prelude to the celebration. At sunrise new fire was fetched, carried in a torch race from outside the city, where sacrifice was made to Eros and Athena together, through the Agora ("place of assembly") and up to the altar of Athena on the Acropolis. The winner's torch was used to light the altar flame in order to burn the sacrifices.

By the Dipylon Gate where the Sacred Way from Eleusis enters the city, a great procession was formed which is thought to be represented on the Parthenon Frieze.  All members of the community had their place, young horsemen and venerable elders, young girls with the appurtenances of sacrifice, baskets and jugs. More than a hundred animals were slaughtered at the Great Altar, and the meat was distributed to the whole populace in the agora.

From the time of Peisistratus (566) a program of athletic contests was attached to the religious occasion. The prizes were mainly Panathenaic amphorae (large jars), full of olive-oil made from the sacred olive-trees of Attica, descended supposedly from the primal olive-tree created by Athena. On the front these jars had the painted figure of armored Athena brandishing her spear with an inscription; on the back, the picture of the particular contest. Peisistratus developed the festival further, laying down rules for the competitive recitation of Homer by rhapsodes, and probably for musical contests. The latest day for such contests was introduced by Pericles, who built the Odeion (concert hall) next to the theatre of Dionysos.

Athletic contests included the foot race (stadion), the pentathlon, wrestling, boxing and pancration (all-in-wrestling). Finally an equestrian program was held, with even javelin-throwing from horseback.

Currently some scholars are disputing this interpretation of the frieze, which they say represented other myths and/or rituals. Because the issue has not been settled yet, I report here the traditional view.