Here's what to look out for:
- 'Axis of autocracies' -
The leaders of North Korea, Russia and Iran will join China's President Xi Jinping at the event, a grouping labelled the "axis of autocracies" by some Western commentators.
It is North Korean leader Kim Jong Un's first visit to China since 2019, and the first time he will appear in public with Xi and Russia's Vladimir Putin together.
All eyes will be on the seating arrangements of Xi, Putin and Kim and how they interact with each other in a photo opportunity likely to be highly choreographed.
The attendee list "underscores China's role as the world's leading authoritarian power", the Asia Society's Neil Thomas wrote on X.
Most Western leaders will stay away, but Slovakian Prime Minister Robert Fico and Serbia's President Aleksandar Vucic will attend.
Both are close to Putin and broke ranks with the European Union to visit Russia for its Victory Day parade in May.
"China is looking to signal its closeness to its global south partners and countries that are non-Western and, in some cases, anti-Western," historian Rana Mitter told AFP.
"But I don't think there is likely to be any statement of support directly for Russia's war in Ukraine."
- Party shifts -
Since the 70th anniversary parade in 2015, Xi has fully consolidated his power as head of China's Communist Party, the military and the country as a whole, James Char from Singapore's Nanyang Technological University told AFP.
The presence of other Chinese officials could offer clues about shifts within the CCP.
In 2015, Xi shared the stage with predecessor Hu Jintao, but Hu has rarely been seen in public since being escorted out of a key party gathering in 2022.
In recent years, many military leaders have fallen foul of Xi's graft crackdown.
The absence of Central Military Commission vice chairman He Weidong, reported to be under investigation in April, would signal he has "been caught up in an anti-corruption campaign -- presuming he is still alive", said Char.
- Xi's speech -
Following troop inspections, Xi is expected to speak.
Commentators will be listening for references to the United States, as well as to island democracy Taiwan, which Beijing claims as its own.
Xi may reiterate claims that China's World War II contributions mean "they (China) -- and not just the US -- have a right to determine global governance norms", according to the Brookings Institution's Margaret Pearson.
"It... is part of an effort to rewrite history in line with China's interests."
- New missiles -
Many observers will view the weapons on display through the lens of a potential future conflict with Taiwan.
A new series of anti-ship missiles, the Ying Ji -- "eagle attack" in Chinese -- is expected to be unveiled.
These cruise, ballistic and hypersonic missiles could prove significant in combating the US navy.
- Veterans and remembrance -
The parade will centre the CCP's role in defeating Japan -- though external historians broadly agree primary credit lies with Chiang Kai-shek's Nationalists, who then ruled most of China.
In 2015, the CCP acknowledged the sacrifice of Nationalist soldiers by inviting veterans to attend that parade.
With official focus now on communist resistance again, their prominence could be reduced.
Foreign powers also helped defeat Japan in China, including American pilots known as the "Flying Tigers".
Their inclusion would be a conciliatory gesture to the Trump administration, while references to assistance from the Soviet Union could be amplified.
Russian troops may even march, as Chinese ones did in Moscow in May.
- Symbolism and ceremony -
The military band will include 80 buglers to mark the years since Japan's surrender, state media said.
Over 1,000 musicians will be arranged in 14 rows to symbolise the years of China's resistance -- official CCP histories date the war from Japan's 1931 invasion of Manchuria.
Spectators in Tiananmen Square will sit on green, red and gold chairs to symbolise fertile land, the people's blood and peace, CCTV said.
sam/reb/tym
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