The event will be held at the Youth UpRising center at 8711 MacArthur Blvd. from 10 a.m. until 3 p.m.
Oakland residents can receive up to $100 for each handgun and $200 for each assault weapon. People are limited to turn in up to three firearms that are in working condition.
Residents are required to bring proof of residency such as a driver's license, California identification card or utility bill.
Last year, Oakland held a gun buyback in partnership with the San Francisco Police Department and Omega Boys Club that collected more than 400 guns.
To avoid long lines, residents are advised to schedule an appointment with Youth UpRising staff at (510) 712-4173.