Organisers have advised that full refunds will be given to anyone who bought a ticket.
Fife Fest was set to offer live bands, licensed bars, food vendors, stalls, child safe zone with funfair rides and a ‘family experience’.
A festival spokesperson said: “Fifefest have unfortunately had to make the decision to cancel the festival!
“With ticket sales struggling to get passed a couple of hundred, and only 6 weeks to go, it’s not financially viable to continue.
“We are surprised and shocked after booking such a fantastic line up over two stages that ticket sales have struggled!
“We would like to thank everyone for their support shown and to the people that bought tickets! Ticket refunds are available from the ticket outlet you used.”