VisitBlackpool say that they have taken the decision based on safety advice from the company operating the planned fireworks display.
The free event was due to take place at 5pm alongside the Christmas By The Sea village on the Tower Festival Headland.
A VisitBlackpool spokesman said: “We are really disappointed that we can’t celebrate the start of a new year in the way we had hoped, but public safety has to come first.
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"Unfortunately, as the fireworks were being fired from the beach, it isn’t possible to move the time of the display to later this evening because of tidal conditions.
"We have therefore taken the decision to cancel now to give people the earliest opportunity to plan their day."
A spokesperson for the fireworks company, Titanium, added: "Very reluctantly we have had to advise Blackpool Council that we will be unable to fire the show due to gusting winds from an unfavourable direction."
The Christmas By The Sea village on the headland, which includes a free skating rink, artificial snowfalls, light projection shows, light installations, the giant Star Flyer ride and log cabins serving food and drink, will still be open tonight.
The Christmas village will remain in place until Monday, January 3 as part of an extended Blackpool Illuminations season.
The New Year’s Eve Family Fireworks and some elements of Christmas By The Sea had been part-funded by the European Regional Development Fund.
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