The Olympics-themed parade runs from Piccadilly to Trafalgar Square where there is live music.
High-jumper Deirdre Ryan and boxer Kenneth Egan, who have qualified for the Games, are among those joining.
There are 220,488 Irish people living in London according to the last census.
Mayor of London Boris Johnson said: 'I'm delighted to once again be backing London's St Patrick's Day celebrations.
"That they are amongst the biggest outside Ireland reflects the longstanding contribution of many generations of Irish people to London life."
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Council leaders today called on the government to provide extra money to help resettle the youngsters in the capital.
An eyewitness said: "It was very unnerving. It was just after 12pm and there were suddenly police vans and cars everywhere."
A mum in need of a life-saving stem cell transplant has told of her joy after a visa to bring her donor-match sister to the UK was granted.