It took place at Kim Il Sung Square following a pre-parade event that started at 8:30 p.m., the source said, as the country celebrated the anniversary of the Korean People's Army.
It was not immediately known whether North Korean leader Kim Jong-un attended the parade. The secretive regime has often used such an event to showcase its major new weapons.
In the run-up to the parade, media outlets cited analyses of commercial satellite imagery indicating the reclusive state mobilized troops, vehicles and other pieces of military equipment in apparent rehearsals.
The North was expected to use fireworks and other means to liven up the nighttime celebrations for people who have been struggling with long-running economic hardships and pandemic-induced restrictions.
The parade came as the recalcitrant regime has been doubling down on its weapons development programs, lambasting what it calls a U.S. "hostile" policy and stressing its principle of "nuke for nuke and an all-out confrontation for an all-out confrontation."
Pyongyang has also hardened its rhetoric against Seoul, naming the southern neighbor an "undoubted" enemy and calling for an exponential increase in its nuclear arsenal.
Since Kim took power following his father's death in late 2011, his regime has staged 13 miliary parades, including the latest one. Its previous parade was held in April last year to mark the 90th founding anniversary of the Korean People's Revolutionary Army. (Yonhap)