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Red Nose day is happening on Friday 17 March.
The day is a special event organised by the charity Comic Relief which was started in 1985 to raise money by making people laugh.
It helps people struggling with money here in the UK and in other countries, as well as helping with disasters like the recent earthquake in Turkey and Syria.
This year the Red Nose, which is sold to raise money for the charity, folds up in a special design made by Sir Jony Ive, who also designed the iPhone.
People take part in all sorts of events and fun challenges to raise money for children facing poverty in the UK and around the world.
This year is a particularly difficult year for a lot of families due to the cost of living crisis.
There are big fundraising events in lots of schools, people doing challenges and a live show on TV with lots of funny sketches and examples of where the money raised will be spent.
A whole host of famous faces have already been trying on their red noses for size, including children's author and DJ Greg James and actress Sindhu Vee.
Greg James said: "I don't know if you've noticed but the world has been quite sad, particularly over the last three to four years.
"So, Red Nose Day is a great reminder to look outward and help somebody else."
Former Strictly contestant AJ Odudu will be hosting the Red Nose Day show on TV, alongside David Tennant, Joel Dommett, Zoe Ball and Paddy McGuiness.
Comic Relief's famous red nose has had a massive makeover for Red Nose Day 2023!
It's being dubbed the most dramatic makeover since the red nose made its debut in 1988.
It has a cool, folding paper design and was created by Sir Jony Ive, the man who designed some of Apple's biggest products.
Sindhu Vee said: "When I saw the new Red Nose for this year, I was very impressed. It's very delicate and very beautifully made - and I mean, who doesn't like a Red Nose?!"
Blue Peter is getting in on the act and renaming itself Red Peter for a day in honour of Red Nose Day!
The one-off Red Nose Day special will feature world record attempts, challenges, musical performances by Fleur East, and behind the scenes sneak peaks.
Presenters Mwaksy, Joel and Abby will be joined in the studio by CBBC faces - watch out for some familiar Newsrounders - as they attempt to set a messy Guinness World Record for the most shaving cream pies thrown in peoples faces in one minute.
DJ Arielle Free has successfully completed her cycling challenge, raising more than £500,000 for Comic Relief.
She travelled around England DJing on a 10 person bike for Red Nose Day.
Her Tour de Dance saw her cycling 50 hours, across five cities in five days, all on a 10-person bike, complete with DJ decks.
Radio 1 listeners and presenters joined in to help her complete the challenge and she finished her mammoth cycle in a snowy Liverpool after travelling through York, Leeds, Sheffield and Manchester.
Over four days and three chilly nights, Emma Willis, Oti Mabuse and Rylan Clark took a big test of their willpower, determination and survival skills.
They trekked between Braemar and Cairn Gorm, in the Scottish Highlands, with few roads and little shelter.
After dangerous weather conditions delayed their summit attempt by a day, they successfully reached the summit of Cairn Gorm mountain.
Singer Ellie Goulding will be among the stars due to read a CBeebies bedtime story for Comic Relief.
She'll be joined by former Bake Off host Sue Perkins, comedians Josh Widdicombe and Alex Brooker, and presenter Gok Wan.
BBC presenter Gethin Jones has never been afraid to take on a challenge for Comic Relief.
This year he's getting his dancing shoes on to lead the longest continuous physical challenge he's ever faced - a 24 hour danceathon - with help form his Morning Live pals.
He'll also be getting support from the Strictly gang - Tess Daly, Claudia Winkleman, Shirley Ballas, Anton Du Beke, Oti Mabuse, Janette Manrara, Kym Marsh, Helen Skelton, and Dr Ranj.
Please visit www.bbc.co.uk/newsround/13865002 for tips about what to do if you are feeling sad about what you've seen, heard or read.
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