Organiser Fraser Skinner said the competition had attracted several high-profile skiers, but it was also an event for recreational racing enthusiasts over the age of 30.
Olympians included Queenstown's Mark Vryenhoek, Chris Wormesley (Methven), Kate Rattray (Christchurch) and Fiona Stevens (Auckland) - all of whom were still fast and competitive, Mr Skinner said.
The oldest competitor this year would be skiing personality Paul Bush, of Canterbury, who is 81.
His rival, Frank Baddely (83), the New Zealand Skiing Masters Patron, was injured during last weekend's Mt Hutt Masters and will not compete.
Dunedin's Natalie McKeown (78) heads the list of masters women, along with Queenstown's Paddy Strain (74), who began her skiing career at Coronet Peak when it opened in 1947.
Rattray (47) will be defending her 2009 title, while Vryenhoek will be chasing his 2009 under-55 men's combined title.
John Wardrop (51), of Auckland, will be aiming to retain the men's under-55 giant slalom trophy.
The Danny Reid Memorial Downhill Trophy, which commemorates the Queenstown skier's achievements, is awarded on handicap and is held by Rattray and Walter Unterberger (73), of Nelson.
Unterberger and Liz Wallace (64), of Queenstown, who won the overall 2009 national masters titles, are both competing at Coronet Peak and are expected to put up a strong challenge to retain the titles.
Mr Skinner said one of the New Zealand Skiing Masters drawcards was the downhill, described as the "glamour event".
The Coronet Peak downhill was the only one on the masters circuit and competitors got a "huge adrenaline rush" from skiing fast on the course from top to bottom just as daylight broke.
The format of the downhill changed last year and after its success, the training runs and main race this year are both scheduled for today before the lifts open to the public.
"Previously, we ran the race in two stages, with the training day on the first day followed by the main event the next day, but we have streamlined it to one day and it works well."
The downhill will precede the slalom at Rocky Gully and the signature event, the giant slalom, is scheduled for tomorrow.
A prizegiving for the downhill and slalom will be held this afternoon at the JSD Lodge at Coronet Peak, while the giant slalom prizegiving will be staged during the NZ Skiing Masters dinner in Arrowtown tomorrow night.
