The fair, to celebrate the completion of a multi-million pound project to restore the grounds of the arts centre in Ringmead, Birch Hill, had been due to take place on Saturday but was called off this morning (Tuesday).
Richard Walton, head of parks and countryside at Bracknell Forest Council, which was organising the event, said: "Because of the record levels of rainfall during the last few weeks, we have made the difficult decision to cancel the Victorian Fair, which was due to take place at South Hill Park this weekend.
"The decision to cancel this event has been made following careful consideration of site conditions. Whilst the latest weather forecasts are predicting some improvement later this week, the main lawn to the rear of the mansion house is heavily water logged and there is insufficient time for the ground to dry out. Holding the event would result in significant erosion, with the ground becoming churned up and extremely muddy.
"The organisers would like to apologise in advance for any inconvenience caused. Planning is now underway for a possible alternative event later in the year."