This year, Diwali or Deepavali will take place on 1 November.
Also known as the 'festival of lights', the celebration usually lasts for five days.
In Australia, over one million Hindus, Jains, Buddhists and Sikhs celebrate versions of the festival, which include Tihar and Bandi Chhor Diwas.
The festival signifies the victory of good over evil and the triumph of light over darkness.
It is also a time for giving thanks and offering prayers for good health and prosperity.
Dr Jayant Bapat is a Hindu priest and researcher in sociology at Monash University in Melbourne.
He explains that the word Diwali takes its roots from the Sanskrit Deepavali,
Deep means 'lamp' and avali means 'row'. The most common meaning of Deepavali is 'row of lamps'.Dr Jayant Bapat, a Hindu priest and researcher in sociology at Monash University in Melbourne
The celebrations differ throughout the Indian subcontinent depending on the traditions of each region.
Each year, Diwali is celebrated during the Hindu Lunar months of Ashvin and Kartik, which typically equate to October and November.
Diwali celebrations in Australia Credit: Supplied by Nirali Oza
For many, the celebrations are not complete without rangoli, colourful patterns which are called kolam by communities from southern India.
These patterns are drawn every morning during Diwali to welcome the Hindu Goddess Lakshmi and bring good luck.
During this time family and friends come together to dance, sing, share sweets and exchange gifts.
Houses are cleaned before they are lit up in the hope of bringing wealth and prosperity. Some families even give their house a fresh coat of paint.
Diwali celebrations at home, Sydney Credit: Supplied by Prafulbhai Jethwa
Diwali in Australia
Australia has a growing population of citizens and residents with Indian subcontinental heritage, meaning Diwali celebrations take place in capital cities and many regional centres.
Tara Rajkumar OAM, a distinguished dancer and choreographer based in Melbourne, says the festival's profile has grown in recent decades.
"When I arrived in Australia in 1983, Deepavali was celebrated at home or among small groups, but now it's more widely accepted," Ms Rajkumar says.
"The increase in migration from the subcontinent has a lot to do with this, and Deepavali is being recognised as the most important festival of the Hindu calendar.
Now there are Deepavali activities held across Australia. From Melbourne's Federation Square to airports, we can see signs of celebration.Tara Rajkumar
"An important part of Deepavali is the concept of inner transformation that happens when ignorance is removed by the light," she adds.
The stories behind the celebrations
Members of the Hindu community typically celebrate Diwali for five days.
It starts with Dhanatrayodashi or Dhanteras, a day when it is considered auspicious to buy gold or silver.
"On this day people buy gifts for kids. Everyone wears new clothes, houses are cleaned, people buy gold and silver. This is the day to worship Goddess Lakshmi," says Dr Bapat.
Children celebrating Diwali, Melbourne Credit: Supplied by Reet Phulwani
"One myth is there was a demon king called Narakasur who was defeated and killed by Lord Krishna," says Dr Bapat, explaining that on this day many people leave their doors open and place rows of lamps in front of their houses and along riverbanks to welcome Goddess Lakshmi.
The third day is known as Lakshmi Pooja, which is believed to be the most auspicious day to worship the goddess of wealth.
"On this day, for example, business people worship their account books and money," explains Dr Bapat.
In many parts of India, this day commemorates the return of Lord Rama, his wife Sita Devi and brother Lakshmana to their homeland Ayodhya after 14 years in exile.
The fourth day, Govardhan Pooja, is part of the celebration in North India.
"According to the myth, Lord Krishna protected his people from the wrath of nature by holding mountain Govardhan on one finger. This day celebrates Lord Krishna defeating Lord Indra."
The final day is Bhai Dooj, a celebration of siblings as sisters put a red mark on the forehead of their brothers to honour their bond of love.
India being a diverse nation, Diwali is celebrated differently from region to region.
"For instance, Lakshmi is the goddess of wealth, but in Bengal they worship not Lakshmi but Goddess Kali. In Gujarat, along with the worship of Vishnu, Hanuman is also worshipped. In some places children make castles out of clay," Dr Bapat explains.
Woman with lit earthen lamp in mehendi and bangles in hands at Diwali festival. India. Source: Moment RF / Subir Basak/Getty Images
Celebrating Tihar in Nepal
For the Nepali community, Diwali is known as Tihar.
Held over five days, it includes celebrations dedicated to animals like crows, dogs and cows.
The first day, known as Yamapanchak or "Kag Tihar", is dedicated to crows, whose scavenging is said to help people keep their houses and surroundings clean.
The second day is known as "Kukur Tihar" and is dedicated to dogs, who are revered for their loyalty.
Dogs are given a bath, worshipped and pampered with a delicious meal on the day.
"Gai Tihar", which usually takes place on the third day, is dedicated to cows, who are considered sacred and a symbol of motherhood.
Nepali devotees worship a cow as part of Gai Puja during the Tihar festival in Kathmandu, Nepal. Source: NurPhoto / NurPhoto via Getty Images
On the same day, the Newar people of the Kathmandu Valley and surrounding areas observe "Mha Puja", which means "worship of the self".
The final day is called "Bhai Tika" and is dedicated to siblings. Brothers sit as their sisters go around with oil and water which are said to protect them from Yama, the god of death.
Bandi Chhor Diwas
Bandi Chhor Diwas is a holiday that's often referred to as the "Sikh Diwali", explains Gurinder Kaur, an experienced festival organiser from Australia's Sikh community.
Also known as the "Celebration of Freedom", it commemorates the release of the sixth Sikh guru, Guru Hargobind, from a Gwalior prison in the 17th century.
When the guru was about to be released, he requested the ruling Mughal Emperor Jahangir for the liberation of 52 other imprisoned kings.
The emperor agreed to release all kings so long as they could hold onto the cloak of Guru Hargobind. Accordingly, he had a cloak made with 52 cloth tails.
Bandi means 'prisoner' and Chhor means 'liberation'. The main message of the day is that the guru took a stand for not only himself but for the human rights of others as well.Gurinder Kaur
Sikhs in Australia celebrate Bandi Chhor Diwas at their nearest Gurudwara and at home.
"On the day Sikhs take blessings of the guru, light some candles at the Gurudwara and exchange sweets," says Ms Kaur.
Diwali sweets, flowers and oil lamps. Source: Moment RF / jayk7/Getty Images