The Moon Banquet Festival (月饗祭 Gekkyōsai) is the official name of the Academy Festival (学園祭 Gakuen-sai). This festival is an annual event at Tōtsuki Culinary Academy. Students are invited to set up a booth to demonstrate their cooking to customers for a period of five days.
The Academy Festival takes place about two weeks after the Autumn Leaf Viewing event. Students can ask for permission to set up a booth at the festival, and can participate either individually or in group. However, as early as their middle school years, students are advised and supervised by teachers to set up a booth and balance the cost of the stall and ingredients, as well as in predicting the number of customers. Traditionally, the members of the Elite Ten Council each set up a different booth, which attracts a lot of customers and is considered the main event of the festival. The festival is considered a huge event that attracts 500,000 customers a day. Students would need to sell around 1,000 dishes a day if they want to make it to the top of the sales. As a result, certain stand locations are highly coveted and numerous Shokugekis are done to claim a desired location. Also, like most Tōtsuki events, holding a stand carries serious risks. Should a student have a loss of income at the end of the event, they are expelled. However, as long as they do not perform anything incredibly reckless, such as set up their stall alongside an incredibly strong competitor, it is virtually impossible to set up a deficit.
There are 120 stalls across the Academy each year.  There are three locations where students can set up their stands:
1. Main Street Area - Located at the front of the Academy. Most normal students set up stands here due to the high traffic of customers to sell their own dishes. Majority of these stands are standard festival foods and quick meals to eat while walking. The typical credit range of customers in this area range from around ¥500 to ¥1000. In addition, the number of booths in this area is 60 booths.
2. Central Area - Located in the center of the Academy. This area specializes in teaching various cooking methods. Most stands here feature specialized ingredients and tools, but range from restaurant to festival dishes. The typical credit range of customers in this area range from around ¥1000 to ¥5000. In addition, the number of booths in this area is 40 booths.
3. Uptown Area - A highly exclusive area at the top of the Academy and are comprised of high luxury style dish establishments. Only the highest paying guests go to this area and most people who run stands up here are extremely renowned outside of the Academy. As such, members of the Elite Ten Council generally set up their booths in this area. The typical credit range of customers in this area range from ¥5000 and up. In addition, the number of booths in this area is 20 booths.
Customers who arrive on campus must purchase special credit tickets boasting a different value: 
1. Pine Level - ¥10,000
2. Bamboo Level - ¥1,000
3. Plum Level - ¥500
These credits are used to keep track of daily sales and at the evening of each day, the revenue from all shops are tallied and are ranked in order to find the top three most profitable shops in each area.
- ↑ 1.0 1.1 1.2 Shokugeki no Soma chapter 120, pages 1-5
- ↑ 2.0 2.1 Shokugeki no Soma chapter 121, page 20
- ↑ 3.0 3.1 Shokugeki no Soma chapter 122, page 4
- ↑ Shokugeki no Soma chapter 120, page 17
- ↑ Shokugeki no Soma chapter 121, page 13
- ↑ Shokugeki no Soma chapter 132, page 5
- ↑ Shokugeki no Soma chapter 121, page 9
- ↑ 8.0 8.1 8.2 Shokugeki no Soma chapter 126, page 11
- ↑ 9.0 9.1 Shokugeki no Soma chapter 125, page 1