Organisers are hoping to break last year's record of $15.1 million when the final tally is counted at midnight.
So far, $1,751,000 has been raised.
The appeal has received $230 million in donations from the Victorian community since it began in 1931.
Volunteers with collecting tins have hit the streets in a bid to break the record, while sport and television stars, as well as the Easter bunny, are spending the day with children at the hospital who are unable to be home for Easter.
Money raised from the appeal funds state-of-the art medical equipment, ground-breaking research and scholarship opportunities.
One item high on the shopping list is an MR/PET machine, costing $8 million.
This machine combines MRI and PET scans and would be the first in a pediatric hospital anywhere in the world.
"We never set a target, we just ask people to dig deep and we've never been disappointed," appeal director Christine Unsworth said.
Hundreds of Victorian schools have also been raising money for neo-natal cots that cost $29,000 each and have so far raised $95,000.
Firefighters from the CFA and MFB have been doing their bit, taking part in a 24-hour relay in the CBD to help the hospital reach its goal.
Families are also invited to attend the Kids Day Out at Etihad Stadium which features lots of family activities and entertainment.
To donate visit: http://www.goodfridayappeal.com.au/
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