A flying pig on the corner of Bridge and Nunn Sts was the first to be targeted before more were stolen on Friday evening.
The items were created by local volunteers, made from donated yarn and each item can take more than 50 or 60 hours to complete.
Yarnbomber Joy Shirley said the group believes several items, including two minions and a pig head, went missing between 5pm and 11.30pm on Friday, August 5.
During the same time period another flying pig on the corner of Nunn and Bridge Sts was damaged, but the thieves failed to remove it.
Ms Shirley said if she had a message for the thieves it is that their selfish act was disappointing for the whole town.
“They have been stolen before a lot of the kids have even seen them,” she said.
“It is so disappointing, not just because of all the work that goes into them, but we’ve seen so many people taking photos.
“I saw one grandma taking photos of a young child hugging Bluey, and that is what it is meant to be about.”
Luckily most of the items, including several minions, are still in place.
Sadly Ms Shirly said the damaged flying pig had to be removed.
“One of our members said it had to go to hospital.”
If you have any information about the stolen items you can contact Benalla Police on 5760 0200.