Forecasters warned of potential floods and travel disruption as weather warnings were put in place.
The Met Office said there was a threat of gales up to 60mph, as well as thundery downpours, which are expected to strike on Friday and last into the weekend.
In light of this, organisers of the air show said they made a decision to axe Saturday owing to the severe weather the UK is expecting.
The air show said: "We regret that due to a forecast of extreme weather conditions on Saturday afternoon, the first day of the Blackpool Air Show has been cancelled."
Is Sunday still going ahead?
Reuters
Yes, so far the air show is set to go-ahead on Sunday.
In a statement the organisers wrote: "The second day will go ahead on Sunday with as full a programme as possible, with a 1.30pm start on the Tower Festival Headland."
However, Sunday is still expected to see heavy rain in the north west with the Met Office reporting that "slow-moving and thundery showers may produce some torrential downpours".
A yellow weather warning for thunderstorms is in place until 6am on Sunday morning, however it is expected to dry up by the afternoon.
What planes and jets can we expect in the air show?
The Breitling Jet Team display are scheduled to make their only UK appearance this year when they make their show debut around 4pm on Sunday.
Elsewhere, the RAF Chinook will take to the skies along with displays from AeroSuperBatics Wingwalkers, The Blades Aerobatic Team, a Typhoon and lots more besides.
