It's a big day for students in Dunedin.

Nearly 4000 are set to flood Hyde Street, dressed in costume for the annual keg party.

The once infamous event is now controlled by the Otago University Students' Association, which has been in charge for the past three years.

President Paul Hunt says it's been improving year by year.

"We're looking to make it safer every year while maintaining the same number of attendees."

Paul Hunt says there are now a lot fewer arrests and injuries than when it was run by residents.