Saturnalia is the feast at which the Romans commemorated the dedication of the temple of the god Saturn, which took place on 17 December. Over the years, it expanded to a whole week, up to 23 December.
Saturnalia became one of the most popular Roman festivals. It was marked by crazy antics and reversal of social roles, in which slaves and masters switched places.
The Saturnalia was a large and important public festival in Rome. In time, it became one of the most popular Roman festivals. It involved the conventional sacrifices, a couch (lectisternium) set out in front of the temple of Saturn and the untying of the ropes that bound the statue of Saturn during the rest of the year. Besides the public rites there were a series of holidays and customs celebrated privately. The celebrations included a school holiday, the making and giving of small presents (saturnalia et sigillaricia) and a special market (sigillaria). Gambling was allowed for all, even slaves; however, although it was officially condoned only during this period, one should not assume that it was rare or much remarked upon during the rest of the year. It was a time to eat, drink, and be merry. It was license within careful boundaries; it reversed the social order without subverting it. It was also an opportunity for men to be completely free with their fellowmen, sometimes evolving into homosexual and sometimes also pedophilic relations. The toga was not worn, but rather the synthesis, i.e. colorful, informal "dinner clothes"; and the pileus (freedman's hat) was worn by everyone. Slaves were exempt from punishment, and treated their masters with disrespect. A Saturnalicius princeps was elected master of ceremonies for the proceedings.
The customary greeting for the occasion is a "io, Saturnalia!" — io (pronounced "yo") being a Latin interjection related to "ho" (as in "Ho, praise to Saturn").
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