Objective The present study focuses on residential areas of Delhi to identify the elevated levels of ambient PM10 and PM2.5 due to biomass burning followed by the coloring activity in the Holi festival celebrated at the end of the winter season. This study also focuses on the health risk assessment and mortality among different age groups due to the change in particulate matter levels during the Holi festival in Delhi, India. Materials and Methods Secondary data of particulate matters have been procured from the Central Pollution Control Board (CPCB), Delhi Pollution Control Committee (DPCC), and Indian Institute of Tropical Meteorology (IITM), Pune for the period of the pre-, during, and post-Holi period for the year 2018-2020 at four selected residential locations in Delhi, India. The health impacts of particle inhalation were quantified using the AirQ + models. Results The results indicated the levels of PM10 and PM2.5 rise about 3-4 times higher during the Holi festival than on normal days, resulting in health risks and causing an excess number of mortality and Asthma cases in Delhi. Such cases were also found to be higher in 2018, followed by 2019 and 2020 at all the selected locations in Delhi. Conclusions The study linked the increasing particulate levels in the Holi festival with the increased health risk through short-term exposure of the population. The excess number of cases (ENCs) of mortality, all causes of mortality among adults (age > 30 years) associated with short-term exposure to particulate were also identified.