Putin said the holiday, which this year marks the 69th anniversary of the victory over Nazi Germany in World War II, is Russia's greatest. He called it a source of patriotism, sorrow, and pride for the Russian people.
The country's military is on full display during the ceremonies. Some 11,000 troops are taking part in the parade on Red Square, along with around 150 units of military hardware, plus tanks and some 69 planes and helicopters.
This year's celebration comes with patriotism on the rise in Russia, fueled by the country's annexation of the Ukrainian region of Crimea.
Russian media earlier reported that Putin may attend Victory Day ceremonies in Sevastopol, where Russia's Black Sea Fleet is based.
In contrast to red square, Kiev celebrations as muted as possible. Desperate to avoid violence that would appear on Russian TV.
— Richard Carter (@rdcberlinAFP) May 9, 2014
Sejrsdag 9. maj. Putin holder kort tale på den Røde Plads. Og så: det store våbenshow. pic.twitter.com/CiufTqx9Dx
— Simon Kruse (@crusoes) May 9, 2014
Among the things he said was that strong will of the Russian people, their resilience, saved Europe from slavery.
He also said Victory Day is a source of patriotism, sorrow, and pride for the Russian people.
On Red Square the open top Zils are ready for Russia's military bosses. Victory Day parade this morning. pic.twitter.com/HzK6Z6CrGA
— Steve Rosenberg (@BBCSteveR) May 9, 2014
Ukraine refuses Russian demand for advance gas payment http://t.co/2PyKlmXfv9
— bruce springnote (@BSpringnote) May 9, 2014
A huge turnout with an hour still to go to the first parade. pic.twitter.com/i2Cg7tjp3W
— Daniel Sandford (@BBCDanielS) May 9, 2014
"#Donetsk People's Republic" insist logistics in place for Sunday referendum. Voting to be held in hospitals, schools, official buildings.
— Douglas Herbert (@dougf24) May 9, 2014
US will run series of military drills with elite special op forces in Estonia,Latvia & Lithuania scheduled this month http://t.co/9ibqpYtv32
— Ryskeldi Satke (@RyskeldiSatke) May 9, 2014
US-NATO air presence tripled in Estonia,Latvia & Lithuania since Russian invasion of Ukraine https://t.co/J7WDYZPoqL pic.twitter.com/qoMdrCwVfV
— Ryskeldi Satke (@RyskeldiSatke) May 9, 2014