The event, which runs from 9 a.m. to 1 p.m., is entirely anonymous.
People will be given $50 for each pistol, $75 for each hunting rifle, $150 for each semi-automatic weapon and $200 for each assault weapon.
The compensation will be given to the individual either in cash or a grocery store gift card.
All the money and gift cards for this year's Gun Buyback Program were raised by Tasker Street Baptist Church.
Police said more than 400 people have been murdered in the city this year, a 41% increase compared to the same time last year.
SEE ALSO: Grim milestone: Philadelphia records 400th homicide this year
The church is located at 2010 Tasker Street.
Weapons brought to the event should be unloaded for safety purposes. There is no limit to the number of firearms that can be turned in by individuals.
Officials said once a firearm is surrendered to the Gun Buyback Program, it becomes property of the Philadelphia Police Department and will not be returned.
Police officers will be at the location to assist with directions and information.