Organizers made the announcement on the festival's official website on Wednesday, citing an increase in COVID-19 cases.
"With increasing COVID-19 cases and associated risks, we do not believe it is the right choice to move forward with the festival at this time," a statement on the website said. "This was an incredibly difficult decision, but we believe putting the community's health and safety first is the most responsible decision.
The festival, formerly known as the Brew Fest, has brought in over 20,000 people in years past.
(Hyde Park Summer Fest)
All vendor deposits will be refunded, according to organizers.
Summer Fest is just the latest Chicago-area festival to cancel plans for 2021. Other festivals including the Taylor Street Little Italy Fest and the Taste of River North have also canceled in recent weeks.
Organizers said they remain hopeful of putting on a successful Summer Fest next year.