The fair, at Scone Palace in Perthshire, was expected to attract up to 37,000 visitors over the weekend with gun-dog, fishing and shooting competitions, falconry events and 400 trade stands among the main attractions.
However, after the opening day, yesterday, was hit by torrential rain, a decision was taken to cancel the rest of the event.
A spokeswoman for the Game and Wildlife Conservation Trust Scottish Game Fair said the initial task facing organisers was to get the trade stands off the site.
Visitors who had bought tickets online and vendors at the fair would be compensated.
Main ring events were set to include pipe bands, terrier racing, mountain bike stunt riders and sheep racing among others.
Denise Brydon, retail sales executive at The Scotsman, who was working at the fair yesterday, said: “It was just abysmal weather. I have never seen rain like it. It was totally waterlogged with big pools of standing water and mud everywhere.”