Toronto is a prominent centre for music, theatre, motion picture production, and television production, and is home to the headquarters of Canada's major national broadcast networks and media outlets. Its varied cultural institutions, which include numerous museums and galleries, festivals and public events, entertainment districts, national historic sites, and sports activities, attract over 43 million tourists each year. Toronto is known for its many skyscrapers and high-rise buildings, in particular the tallest free-standing structure in the Western Hemisphere, the CN Tower.

Toronto theatre and performing arts scene has more than fifty ballet and dance companies, six opera companies, two symphony orchestras and a host of theatres. The city is home to the National Ballet of Canada, the Canadian Opera Company, the Toronto Symphony Orchestra, the Canadian Electronic Ensemble, and the Canadian Stage Company. Notable performance venues include the Four Seasons Centre for the Performing Arts, Roy Thomson Hall, the Princess of Wales Theatre, the Royal Alexandra Theatre, Massey Hall, the Toronto Centre for the Arts, the Elgin and Winter Garden Theatres and the Sony Centre for the Performing Arts (originally the "O'Keefe Centre" and formerly the "Hummingbird Centre").

Ontario Place features the world's first permanent IMAX movie theatre, the Cinesphere, as well as the Budweiser Stage, an open-air venue for music concerts. In spring 2012, Ontario Place closed after a decline in attendance over the years. Although the Molson Amphitheatre and harbour still operate, the park and Cinesphere are no longer in use. There are ongoing plans to revitalise Ontario Place.

Each summer, the Canadian Stage Company presents an outdoor Shakespeare production in Toronto's High Park called "Dream in High Park". Canada's Walk of Fame acknowledges the achievements of successful Canadians, with a series of stars on designated blocks of sidewalks along King Street and Simcoe Street.

The production of domestic and foreign film and television is a major local industry. Toronto as of 2011 ranks as the third largest production centre for film and television after Los Angeles and New York City, sharing the nickname "Hollywood North" with Vancouver. The Toronto International Film Festival is an annual event celebrating the international film industry. Another prestigious film festival is the Toronto Student Film Festival, that screens the works of students ages 12–18 from many different countries across the globe.

Toronto's Caribana (formerly known as Scotiabank Caribbean Carnival) takes place from mid-July to early August of every summer. Primarily based on the Trinidad and Tobago Carnival, the first Caribana took place in 1967 when the city's Caribbean community celebrated Canada's Centennial. More than forty years later, it has grown to attract one million people to Toronto's Lake Shore Boulevard annually. Tourism for the festival is in the hundred thousands, and each year, the event generates over $400 million in revenue into Ontario's economy.

One of the largest events in the city, Pride Week takes place in late June, and is one of the largest LGBT festivals in the world.