The Pendle event is the current holder of the award, hosted by the UK Blues Federation at their annual UK Blues Awards.
Having previously also won the award in 2019, the Colne Rhythm & Blues Festival could enter the Blues Hall of Fame if it wins for a third time this year.
Over 30,000 people turned out for the 2025 event, which was the 34th of its kind.
Festival coordinator, Simon Shackleton, said:
"We’re incredibly proud to be shortlisted in the top five again. It would be an absolute honour to win once more and secure a place in the UK Blues Hall of Fame. This recognition is a testament to the hard work of everyone involved and the amazing support we receive every year from those buying tickets and attending the event.”
Events and facilities officer at Colne Town Council, Nathan Cutler, said:
"The Great British Rhythm & Blues Festival is hugely important for Colne, both culturally and economically. It’s fantastic to see the festival recognised on a national stage and celebrated for the incredible experience it provides for visitors and locals alike."
Voting is open now, and is open until March 1, 2026, with the winners announced on April 8.
The next Colne Rhthym & Blues Festival is scheduled for August 28-30, 2026.
Tickets can be purchased from www.bluesfestival.co.uk