Lead-In Quests
Head to one of the main cities, such as Ironforge or Stormwind, and find a Harbinger, who will be standing in a "blessed circle of moonlight." He will tell you more about the holiday and then ask you to set off a series of fireworks. Purchase the necessary fireworks, eight lunar fireworks and two firework clusters, and set them off. Head back to the Harbinger to complete the quest. He will give you an invitation to the festival. Open the invitation while standing in a circle of moonlight to travel to the festival. Once there you must talk with Valadar Starsong and he will tell you more about the celebrations to end the quest chain.
Coins of Ancestry
Talk with any of the elders, of which there are 75, during the duration of the festival. They will give you one Coin of Ancestry and 75 of your faction's reputation. These Coins of Ancestry can be used at the two vendors during the festival. One of the vendors sells festival outfits, fireworks, dumplings and candles, while the other sells tailor patterns for clothes and engineering schematics for different fireworks and their launchers.
Red Envelopes
Each of the elders you meet and talk with will, after eight hours, send you a red envelope that will contain either an Elder Moonstone or a Lucky Rocket Cluster. The Moonstone summons a circle of light and the Cluster gives you and anyone around you a boast of 250 health points for 30 minutes. The odds of getting either of these are even.
Elune's Blessing Quest
At some point during the festival talk with Valadar Starsong and he will give you the Elune's Blessing Quest where you must summon Omen and defeat him in battle to gain his blessing. To summon Omen, you must set off the Cluster Rockets on the southeastern shore of the lake. This will summon the Minions of Omen. Once you defeat them, Omen will come out of the lake. After you defeat him, he will give you his blessing along with a 10 percent boost in all your stats for an hour. You will also receive Elune's Lantern, three solid stones and a box of fireworks.