Chinese New Year (simplified Chinese: 农历新年; traditional Chinese: 農曆新年; pinyin: Nónglì xīnnián; literally: "Agrarian Calendar New Year") or Spring Festival (simplified Chinese: 春节; traditional Chinese: 春節; pinyin: Chūnjié) is the most important of the traditional Chinese holidays. It is sometimes called the Lunar New Year, especially by people outside China. It is an important holiday in East Asia. The festival traditionally begins on the first day of the first lunar month (Chinese: 正月; pinyin: zhēng yuè) in the Chinese calendar and ends on the 15th; this day is called Lantern Festival (simplified Chinese: 元宵节; traditional Chinese: 元宵節; pinyin: yuánxiāojié).

Chinese New Year's Eve is known as Chúxī (除夕). Chu literally means "pass" and xi means "Eve".

Source: Wikipedia.org