Stars including Meryl Streep, Greta Gerwig, Kevin Costner and Francis Ford Coppola are among the invitees for the film industry's biggest annual event on the Cote d'Azur.
And the organisers announced Monday that the Olympic torch will have its moment on the red carpet on May 21.
On the city's famous seafront Croisette, businesses were preparing for the arrival of some 35,000 festival-goers.
"There's a lot of excitement on the beaches. Restaurant owners are preparing to welcome the VIPs and, in the boutiques, women are checking out evening dresses," said one local, 60-year-old Christine Capao.
But the festival comes at a tense time for France's movie business, which is facing a belated reckoning over sexual abuse, with widespread rumours that more alleged abusers may be outed during the event.
The issue is being addressed on Wednesday in a short film by actor and director Judith Godreche, who has become a key figure in France's MeToo movement after accusing two directors of sexual abuse when she was a teenager in the 1980s.
She joined a protest of 100-200 people outside the National Centre for Cinema (CNC) in Paris on Monday, calling for its president, Dominique Boutonnat, to resign over sexual assault allegations.
Boutonnat denies the charges and the CNC says it will not act before a trial next month.
There are also worries about a strike call by festival workers, including projectionists and ticketing agents, over pay and conditions.
Such concerns are unlikely to ruin the excitement over this year's films.
The selection at this 77th edition of the festival includes many iconic names from Hollywood.
The return of "The Godfather" director Coppola with his decades-in-the-making epic "Megalopolis" is the most anticipated of this year's entries for the top prize, the Palme d'Or.
It is one of 22 films competing for the affections of a jury led by "Barbie" director Gerwig, which will announce its verdict on May 25.
Three-time Oscar-winner Streep and "Star Wars" creator George Lucas will receive honorary awards.
And the latest from George Miller's "Mad Max" universe, "Furiosa", starring Anya Taylor-Joy and Chris Hemsworth, will get its world premiere on Wednesday.
In the main competition is "The Apprentice", a biopic of Donald Trump's formative years from Iranian-born director Ali Abbasi. It stars Sebastian Stan, known for playing the Winter Soldier in Marvel films.
And "Emilia Perez" has quite the synopsis: a musical about a Mexican cartel boss undergoing a sex change to escape the authorities, directed by France's own Golden Palm winner Jacques Audiard. Pop superstar Selena Gomez appears in a supporting role.
