Daegu Yangnyeongsi Oriental Medicine Cultural Festival takes place in the region of Yakjeon-alley as a traditional Oriental medicine festival in early May, every year. It takes a starting point for the first Festival of the Dalgubeol and it was the part of it in 1978. It modernized the opening ceremony of Yangnyeongsi in Chosun Dynasty.

Daegu Yangnyeongsi Oriental Medicine Cultural Festival enhances understanding of curiosity about the health of the citizens of modern society with traditional herbal medicine and herbs along with fragrant herbs. It has various cultural tourism resources and is mixed with herbal medicine related events. Daegu Yangnyeongsi Oriental Medicine Cultural Festival was designated as a cultural tourism festival since 2001 and has become a representative oriental medicine festival to spread the essence of oriental culture widely in Korea and abroad.

Daegu Yangnyeongsi opened its festival every year since 1658, and the whole local people and a nation-wide herbal medicine maker such as medicine sellers and doctors came together and they sold and bought Medicinal herb medicine. When the opening day of the yangnyeongsi comes nearer, the inns for merchants were extremely busy getting ready to welcome guests from all over the country, and people had sleepless nights due to the thrill of medicine sales and meetings.

On the opening day of the festival, a large arched gate was built in the eastern and western areas of Yangnyeongsi and it promoted the festive atmosphere by doing so. A daily grocery store have also become prosperous along with the sales of Oriental Medicine Goods. Many restaurants and bars around Yangnyeongsi, especially, were crowded with people from all over the country and people stayed awake all night.

The opening of this yangnyeongsi event has took place continuously except for some periods during the Japanese colonial period. In this way, the opening ceremony of yangnyeongsi was sublimated in a festive form, and it has been maintained since 1978.