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History of Chinese New Year
The origins of the Chinese New Year festival are thousands of years old and are steeped in legends but it is unclear when the beginning of the year was celebrated before the Qin Dynasty.

A small scale Spring Festival is said to have been celebrated as early as at the time of the legendary sage-emperors Yao and Shun.
Historically, various Chinese dynasties celebrated the Spring Festival in different ways, and at times influenced each other and added certain customs and traditions to it.
The Spring Festival is supposed to have been initiated in the Shang Dynasty (Chinese: 商朝; Pinyin: Shāng cháo) and the custom of ancestor worship was included in the festivities.
During the Western Zhou Dynasty (Chinese: 西周, Pinyin: Xī zhōu), it was custom to begin agriculture on New Year celebration.

During the Han Dynasty (Chinese: 漢朝; Pinyin: Hàn cháo), the formation of the rituals became popular, including ceremonial gathering and the use of 'fireworks' in the form of burning bamboo started to appear during the celebrations. Due to thermal expansion when bamboo with its cavity is on fire, it bursts and makes a loud bang and hence is regarded as 'early firework'.
During the Cao Wei (Chinese:曹魏; Pinyin: Cáo wèi) and Jin Dynasties (Chinese: 晋朝; Pinyin: Jìn cháo) the practice of shou sui (Chinese: 守岁, Pinyin: shǒusuì, translated: guarding age or guarding the year) became popular as well as the use of firecrackers. Shou sui is the gathering and staying together during the time between the change of the years.

Displaying riddles on lanterns during the Lantern Festival became popular during the Tang Dynasty (Chinese: 唐朝; pinyin: Táng cháo) and solving the riddles on the lanterns is known as caidengmi (traditional Chinese: 猜燈謎; pinyin: cāidēngmí).

In the Song Dynasty (Chinese: 宋朝; Pinyin: Sòng cháo) hollowed bamboo poles firecrackers became loaded with gunpowder. Gunpowder was discovered in China in the Tang Dynasty by Taoist monks-alchemists searching for an elixir of immortality.
Emperor Taizu of the Northern Song Dynasty was presented with the first gunpowder - impregnated fire arrows in 969 AD.
Since the Southern Song Dynasty (Chinese: 南宋; pinyin: Nán sòng) fishermen along the coast of Guangzhou started to establish the tradition of eating the yusheng dish on renri, the 7th day of the Chinese New Year celebration.

Mythology
According to tales and legends, the beginning of the Chinese New Year started with a mythical beast called the Nian. Nian would eat villagers, especially children. One year, all the villagers decided to go hide from the beast. An old man appeared before the villagers went into hiding and said that he's going to stay the night, and decided to get revenge on the Nian. All the villagers thought he was insane. The old man put red papers up and set off firecrackers. The day after, the villagers came back to their town to see that nothing was destroyed. They assumed that the old man was a deity who came to save them. The villagers then understood that the Nian was afraid of the color red and loud noises. When the New Year was about to come, the villagers would wear red clothes, hang red lanterns, and red spring scrolls on windows and doors. People also used firecrackers to frighten away the Nian. From then on, Nian never came to the village again. The Nian was eventually captured by Hongjun Laozu, an ancient Taoist monk. The Nian became Hongjun Laozu's mount.[14]