E' l'evento culturale principe della Città Medicea, che si svolge la prima domenica di Settembre. Oltre 300 figuranti vestiti da capitani, notabili, dame e cavalieri, sfilano dai Castelli fino a Piazza d'Armi preceduti dagli Sbandieratori e Musici di Terra del Sole.
The challenge is between the two villages of Terra del Sole, the Fiorentino and the Romano, which compete for the Palio in an ancient crossbow shooting competition and a tug of war. The coveted award is a drape depicting the Santa Reparata and painted each year by different artists. In the previous days, thematic events are organized and the propitiatory dinner organized by the two districts with games and music.
The Palio was reinstated on June 9, 1963, as a general proof of the celebrations for the four hundred years of the Terra del Sole Foundation that would be held the following year.