Activated on 15 November 1942 at Hamilton Field, California, initially equipped with P-39 Airacobras and assigned to IV Fighter Command for training.

In late 1943, the strategic bombardment campaign over Occupied Europe and Nazi Germany being conducted by VIII Bomber Command was taking heavy losses in aircraft and flight crews as the VIII Fighter Command's Lockheed P-38 Lightnings and Republic P-47 Thunderbolts lacked the range to escort the heavy B-17 Flying Fortress and B-24 Liberator bombers deep into Germany to attack industrial and military targets.

From its base at RAF Boxted, the unit flew long-range strategic escort missions with VIII Bomber Command groups, escorting the heavy bombers to targets such as Frankfurt, Leipzig, Augsburg, and Schweinfurt, engaging Luftwaffe day interceptors frequently, with the P-51s outperforming the German Bf 109 and Fw 190 interceptors, causing heavy losses to the Luftwaffe.

Later, in 1944, the squadron became involved in dive-bombing and strafing missions, striking railroad yards, bridges, troop concentrations, and airfields.

Participated in attacks on German forces in Belgium in the aftermath of the Battle of the Bulge, then moved eastward as part of the Western Allied invasion of Germany.

Equipped with North American F-100 Super Sabre fighters, the squadron participated in exercises, operations, tests, and firepower demonstrations conducted by the Tactical Air Command within the US and abroad.

At the end of the TDY on 5 July, the 355 TFS was permanently assigned to the 37th, with activated New Jersey and District of Columbia Air National Guard personnel from the 113th Tactical Fighter Wing at Myrtle Beach replacing them and manning the unit.

On 1 November 1970, the 355 TFS was reactivated at Myrtle Beach Air Force Base, South Carolina as part of the 354th Tactical Fighter Wing.

In 10 weeks of combat before the end of that conflict, the squadron participated in the Operation Linebacker II campaign, generated more than 4,000 sorties, and was credited with 22 rescues of downed airmen.

In February 1978, the 355th TFS transitioned to the new Fairchild Republic A-10 Thunderbolt II, a close air support aircraft, becoming the second operational squadron in the nation's first A-10 wing.

There, the squadron's pilots inflicted heavy damage to Iraqi armor and artillery emplacements, helped cut off enemy supply lines, and conducted search and rescue missions.

Only two months later, the Warthogs saw their second tour of combat duty over Iraq while participating in the 16–19 December 1998, Operation Desert Fox strike missions.

These BALOs continuously support Army and other combat units (air, ground, sea, and space) during exercises while currently serving as combat-ready and combat-qualified A-10 pilots.

In particular, the Chief BALO/A-10 FAC, Captain A. Rodell Severson (while serving as an operational A-10 pilot with the 355th), actually deployed to combat with the 1-501, becoming a Tactical Air Control Party Commander (TACP), commanding two consecutive special operations teams from 25 October 2003 through 4 May 2004 for Joint Task Force 1-501 earning a Bronze Star through approximately 155 ground combat missions: 17 sustained rocket attacks, 7 troops in contact, and 5 direct fire fights: 501st Infantry Regiment (United States).

During both deployments the unit was responsible to provide close air support to Army ground forces and convoys in Afghanistan.

Lt. Col. Quentin "Q-Tip" Rideout, 355th Fighter Squadron Commander, flew the last operational A-10 sortie at Eielson AFB on 31 July 2007.