This festival falls on the first day of the 10th month of the Tibetan year or in November or December. A legend says in the old times the king of Goinbo led his forces to resist invaders. In memory of heroic soldiers, the people in Goinbo offered sacrifices and kept watch at night.

Later the memorial activities developed into the Goinbo Festival. During the festival, there are dances, horse racing and archery competitions, exchanges of goods and materials, drinking wine and singing.