The Wigan-born ukulele legend, who died in 1961, was one of the country's best-paid stars during his heyday in the 1930s and 1940s.
Chairman of the UK George Formby Society, Caroline Stewart, said the film put him on the "road to stardom".
In it, Formby crashes his bike around the course, performing his own stunts.
The film, his third, is widely regarded as one of his funniest.
Formby plays George Shuttleworth, a chimney sweep from Wigan who dreams of winning the Isle of Man motorcycle races.
It was shot against the backdrop of the 1935 TT races in locations including Douglas beach and the Palace Ballrooms.
A star of the stage and screen, Formby did much to keep spirits high during World War Two.
The George Formby Society will attend a series of events over the weekend including a screening of the film at the Manx Museum on Saturday at 15:15 BST.
They will also perform a ukulele recital at his statue in Douglas on Sunday at 11:00.
Finally, a Shuttleworth Snap motorcycle - on which he rode to victory in the film - will make an appearance.
George Formby fans from around the British Isles are descending on Douglas to mark the 80th anniversary of his Isle of Man TT film No Limit.