"Loi Krathong" is traditionally performed on the full moon night of the twelfth lunar month, which usually falls on some day in November. The floating of a ‘Krathong' – a banana–leaf cup – is intended to float away ill fortune as well as to express apologies to Khongkha or Ganga, the River Goddess. Some believe that the ritual is meant to worship the Buddha's footprint on the bank of the Narmada River, while others say that it is to pay respect to Phra Uppakhut, one of the Lord Buddha's great disciples.

The Loi Krathong Festival is celebrated nationwide in Thailand, especially where there are rivers, canals or sources of water, with different unique characteristics.

As for the public, people usually make banana-leaf cups to float them onto the river although there exist some uniquely different aspects in certain communities. For example, the Yi Peng Festival in Chiang Mai, during which balloon-like ‘Khom Loi' lanterns including the ‘Khom Fai' – a fire lantern – and ‘Khom Khwan' – a smoke lantern – are flown into the sky as a symbol of worship to Phrathat Chulamani in heaven. Making a Khom Loi will need a lot of artistic skills as well as scientific techniques, just like the ones used in making a balloon. Tracing paper or Sa paper is used to make air bags of various shapes. It is believed that flying a Khom Loi is like flying grief and ill fortune away from ourselves or our home.