Carnival started during the great depression, in 1931, to help promote the region's number one industry, cotton. The Cotton Carnival was successful and gave birth to the organization that we know today named Carnival.

The mission of Carnival remains much the same as it was in 1931: to recognize and promote an industry that has a major economic impact on the Mid-South community, to promote the City of Memphis as a great place to live and work, and to hold an annual celebration in honor of the industry and the people of the Mid-South.

Every year Carnival Memphis chooses children's charities to support along with a specific industry.