Health and safety officials said they had no choice in cancelling the Royal Lancashire Show for the second year in a row.
Heavy rain on Wednesday night turned areas of the showground, near Barton, into a mudbath.
Although it was hoped that it could go ahead, a decision was made on Friday that the show, one of the oldest in England, would be called off.
Malcolm Reece, of Wyre council, said the site was not safe enough.
Mr Reece, the borough's health, safety and licensing manager, said: "Having inspected the site several times during the last 48 hours, we are satisfied that the correct decision has been taken in view of the extremely poor ground conditions on the site itself.
"When visiting the site on Thursday, we already felt that it would be very difficult to sustain the show but believed that some events, such as the equestrian show, could possibly take place.
"However the additional bad weather since has meant that, from a health and safety perspective, there is regrettably now no way that the show can safely continue in our view."
Chairman Gordon Roberts said that organisers were "gutted".
Last year's show was cancelled when weeks of heavy rain waterlogged the site in Ribchester.
This year the show was moved to a new permanent site on the Duchy of Lancaster Estate.
It is the first time the show has been held at the new 300-acre location, just off the A6 road near the village of Bilsborrow.
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