The Grade II-listed Ashby Mill, as it was formerly known, was built in 1816.
It was still a working mill in the early 20th Century but fell into disuse in 1935 following the death of Joshua Ashby, grandson of the original owner.
The windmill, which was underwent a £581,000 restoration programme, is situated in Windmill Gardens in Brixton, south-west London.
It will now be able to begin production once again grinding locally sourced and grown wheat and barley.
A parade and walk will take place from Windrush Square at 1400 BST, followed by an opening ceremony in Windmill Gardens at 1500 BST.
The ceremony will feature bands and other entertainment.
The public is being encouraged to dress as May Day Queens or Kings, or wear a hat dressed with flowers or come as a miller.
There will also be guided tours of the windmill.
The restoration was funded by a £400,000 grant from the Heritage Lottery Fund plus extra money from Lambeth Council and the Friends of Windmill Gardens.
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