Thought to be the country's oldest surviving street fair, the market will take place a week later than planned to avoid having to implement social distancing measures.
Scotland moved out of Level Zero and towards more pre-Covid normality at midnight today [Monday], with most restrictions lifted save for the enforcement of mask-wearing indoors.
With this in mind, organisers have set the dates for the funfair and open market for August 13 to 17, in the usual spots on Market Street and South Street.
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However, it is understood that some safety measures will still be in place for the event itself when it begins on Friday.
St Andrews Liberal Democrat councillor Jane Ann Liston is among those looking forward to the return of the fair after an unplanned break in 2020.
"I am very glad that the Lammas Market will be going ahead, albeit a week later than usual," she said.
"This event is very dear to many of the residents of this own, and is very much their own.
"Throughout the summer they have seen people from elsewhere flocking to St Andrews to enjoy its many attractions.
"It is therefore only right that an event very much geared towards ordinary people, especially families, should take place, now that it has been deemed safe to do so."
She added: "I hope everybody has a great time and would like to wish the show-people 'Guid Lammas.'"
Fife's annual fairs have been compounded by Covid-19, with the Links Market in Kirkcaldy cancelled for the second year running in April.
However, the Burntisland Fair was able to kick off last month in line with easing restrictions, running successfully across the summer holidays.
Showmen say they have had a difficult year, with annual fairs not included in Covid business relief schemes for months after the pandemic began.
Industry groups such as the Showmen's Guild mounted a campaign to be included, eventually prompting a £1.5 million relief package from finance secretary Kate Forbes at the end of last year.