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.