This paper discusses the major festival day called OJO OGUN set aside for the celebration of a deity in the western zone of Nigeria popularly called OGUN YEE in the ancient town of Ondo. The historical origin of the festival is researched to have a link with the history of the town itself and there have been diverse schools of thought on this, one side advocated that the festival was of Ekiri’s creation while another assumed it to be of Jomu Nla’s creation. Moreover whatever may be its origin the festival has become deep-rooted in the town. The study looked into the reason (s) for the festival and the divergent opinions on its significance, since some assumed the day to be a carnival day in which lostfriends and relations re-unite, in which people display their wealth while it means much to others. The cultural rites and customary proceedings associated with the festival are carried out by the traditional ruler and some of his chiefs in which whosoever is the OSEMAWE must first take his ceremonial dance round the town. Lately, the role of modernization is taking effect in the sense that some of the aged-old traditions have been thrusted aside in the course of time and aberrations is now obvious in the conducts of things. The recent past anomalies and congenital experiences in the course of celebration, was focused upon. The argument and major findings is that, the legendary god of iron seems to have lost its place of honor.