Nearly 30 teams were set to participate in the event, which challenges teams to construct homemade, human-powered flying machines and pilot them off a 30-foot high deck into Lake Michigan, the Chicago Sun-Times reported.
The Chicago Flugtag Web site alerted teams that the event was canceled Saturday due to "unsafe marine conditions."
The National Weather Service said 4 to 7-foot waves were expected on the lake and issued a small craft advisory.
Red Bull hosts four flugtags nationwide. The others are in Philadelphia, Miami, and San Francisco. Chicago's was scheduled to be the first this year.
Swim Week Miami Beach 2014 [PHOTOS]