Organised by Fairfax Media and presented by Westpac, the fun run has been described by race director Fred Taylor as "an iconic Australian event that showcases the best that Sydney has to offer".
So far close to $3 million has been raised for over 600 different charity organisations, according to a live tally on the race website.
The top three team fundraisers are Team Stillbirth, with just over $98,000, the Cure Our Kids City2Surf Team 2012 with about $57,000 and at third Team Bandaged Bear sitting at nearly $40,000.
Many consider this run to be one of the largest in the world. Last year there were 85,000 registered participants, which is more than both the London and New York marathons combined.
Even if you are not one of the many taking part in 2012, you can still head down and watch some of the action unfold.
The race course starts in Hyde Park and winds its way to Sydney's Bondi Beach, so not only will you get to watch the competitors giving it their best, you will also be able to soak up some of the city's finest landmarks.
One of the people to take part in this year's event is ultramarathon runner Pat Farmer. He is going to lead the Red Cross Heroes team through the course, which consists of over 150 people.
Although a skilled runner, Mr Farmer said that Sunday's race wasn't about going fast or making a good time, he was more interested in supporting his chosen Australian charity.
"I'm not focusing on running my best time but on supporting the Red Cross Heroes team," he said in a statement issued August 6.
"The team's fundraising efforts are really important and will help support the everyday work of Red Cross, from helping people get back on their feet after devastating natural disasters to providing breakfast to children so they can concentrate in class."
Mr Farmer did share some fitness tips for the race, however. He advised participants to eat a healthy, decent breakfast, drink plenty of fluids and stretch their muscles appropriately before they started running.
Apparently the Mr Farmer will be hanging around the finish line to meet and greet members of the Red Cross team, so keep an eye out.