It is the Year of the Dog! The Lunar Festival runs from February 17 through March 3. Overall the event has not changed as far as the structure / organization, however, 3 new toys were added in 2017. Please see the WoWHead.com Lunar Festival Guide for a complete overview of the event.
With the exception of Blood Thirsty, all challengers can go honour Elders and take advantage of the free Experience Points they’ll give you. Honouring an Elder will give you a Lucky Red Envelope and a Coin of Ancestry.
Blood Thirsty: These quests will count against your quests completed totals.
Pacifists: These quests are a great way to start a new Pacifist challenger, especially when you are tight for gold at Level 1.
In each of the envelopes you will receive either a Lucky Rocket Cluster or Elder’s Moonstone. Setting off the Lucky Rocket Cluster from a cluster launcher will give you the Lunar Fortune buff… this gives you +250 health and is NOT ALLOWED.
All quests are allowed for all Challenges except Blood Thirsty, even the quest that requires you to defeat Omen, although I’m not quite sure I’d recommend trying it… if you die, that’s it.
You can turn in your Coins of Ancestry for pets, toys, food, fireworks and clothes.
Festival Dumplings are ALLOWED. Good health/mana regeneration. Stock up on these.
Festival Dresses, Suits & Crowns: NOT ALLOWED. These are all green-quality items and will flag your character.
Blood Thirsty: You are ALLOWED to equip these since you can equip green gear.
Allowed for Pacifists only. You can buy these from Fariel Starsong to craft cluster & firework launchers as well as festival dresses and suits. Professions are NOT ALLOWED for all other challengers.
**** images courtesy of WoWHead.com.