She headlines the two-day event with an appearance at St Bryce Kirk in Kirkcaldy as part of the event organised by the Adam Smith Global Foundation.
The line-up also includes live music, a food fair and children’s activities plus the Adam Smith Lecture.
It’s the first in-person festival since the pandemic.
Lumley will be in conversation with actress Arabella Weir - long time friend and star of BBC’s Two Doors Down - on Saturday evening when they will cover her long and hugely successful career spanning some 50-plus years.
Her acting CV includes everything from the New Avengers to Bond movies and Absolutely Fabulous, while she has more recently moved into travel documentaries with several hugely successful series on ITV.
She has also led campaigns to provide all Nepalese origin Gurkha veterans who served in the British Army before 1997 the right to settle in Britain.
It’s her first time in Fife, and her host is looking forward to hearing he stories.,
Arabella said: ““We’ve been friends for a very long time but this is the first time we’ve done anything like this.
“Joanna has had a remarkable career, from a Bond girl to actor to campaigner.
“We will cover as much of it as we can in our conversation - there is so much to talk about!”
The festival also marks the return of the hugely popular food and drink fair at Fife College’s St Brycedale Campus. It runs from 11:00am until3:00pm on Saturday.
It will showcase a number of local producers as well as the talented catering students at the college.
They will also handle the VIP drinks reception for guests ahead of Lumley’s show, and host a private meal for her in the recently revamped The Academy Restaurant in the atrium.
Kirkcaldy Galleries also hosts the free Tall Tales from 1:00am until 3:00pm on Saturday.
It celebrates Scotland’s Year Of Stories.
Join Fergus and Ron - the duo ‘Macastory’ as they introduce you to the ‘Lassie that’s Feart o Nothing’, Annie, Greatest Baker in the Whole of Scotland and Aitken Drum with his Soup Ladle.
And it also hosts A Taste Of Scotland in which Scottish authors read from their books, and also serve up complimentary Tunnocks Teacakes.
The events are free but ticketed and places are limited. Book via www.onfife.com
On Friday, the Adam Smith Lecture will be given virtually by Dr Ngozi Okonjo-Iweala, the first female head of the World Trade Organisation.
She will speak on the global cost of living crisis, and her organisation’s efforts to tackle the vaccine, food, energy and debt emergencies.
She will then be interviewed by Gordon Brown, former Prime Minister.
Tickets are free but you need to register via www.eventbrite.co.uk - search for Adam Smith Lecture.
The 2022 festival then wraps with live music at the Kings Live Lounge on the Esplanade with a night of music from the Rat Pack era courtesy of La Dolce Vita