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Acts have been arranged for the anniversary birthday picnic on the Clocktower Lawn on February 15, when new students and their families will join staff, students, alumni and the wider community.
Vice-chancellor Prof Harlene Hayne said in a statement the university had "always been a huge part of the city''.
Children's entertainment planned included giant bubbles, Jenga, face painting a "balloonologist'', and a talk from Otago Museum science communicator Armadeo Enriquez-Ballestero.
Dunedin band "Loose and Colourful'' will be playing on the night, and 10 food trucks will be on hand for those who have not brought their own picnic.
"This is a wonderful opportunity to invite the Dunedin community into our home to help us celebrate our 150th anniversary,'' Prof Hayne said.
The first event to begin the 150th celebrations will be a Burns Night Supper at the Dunedin Town Hall on January 25.
The supper is an annual celebration of the life and poetry of the Scottish bard Robert Burns - uncle of the first Chancellor of the university, the Rev Thomas Burns.
Celebrations will continue throughout 2019 with a wide range of academic conferences, concerts, reunions and sporting events.
During Queens Birthday weekend events will include a formal convocation ceremony and church service.
During the year-long celebration, the university will not only reflect on its strong past, but will also acknowledge the changing face of our people and the valuable contribution by Maori, Pasifika and people from other cultures around the world.