Waters is the band's sole constant member and has acted as its guitarist, bandleader, writer, producer, engineer, and occasional bassist and vocalist.

Annihilator has released seventeen studio albums and has undergone many line-up changes, with Waters regularly assembling touring or session musicians to perform with him.

The band's first two studio albums, Alice in Hell (1989) and Never, Neverland (1990), are considered to be influential Canadian metal records.

After the tour to support Alice in Hell ended in December 1989, frontman Randy Rampage left Annihilator to retain his seniority at a job on the shipping docks in North Vancouver.

[12] The band's third studio album, Set the World on Fire, distributed by Epic Records, was released in 1993 and was successful in Europe and Asia, but did poorly in the United States.

[13] Annihilator temporarily dissolved, but Waters kept the band name going when he, along with drummer Randy Black, recorded and released 1994's King of the Kill.

Inspired after seeing Slayer perform in Vancouver in the summer of 1998, Waters decided to reunite the Alice in Hell line-up to record another album.

Annihilator's first two albums in this three-man band format as Waters played both bass and guitar, with Padden on vocals and a hired drummer were All for You (2004) and Schizo Deluxe (2005).

It features several guest performers, such as Corey Beaulieu (Trivium), Willie Adler (Lamb of God) and Jeff Loomis (Nevermore).

Dave Padden left the band sometime in December 2014 via a phone call to Jeff Waters, informing him of his desire to step away from the constant touring in order to spend more time with his family.

After a number of weeks searching for a replacement vocalist, Waters decided that he would handle vocals himself once again, in addition to doing everything but play drums in the studio.

Canadian metal guitarist Aaron Homma from Killitorous, Erimha and Vital Remains was announced as Paddens replacement on guitar while Waters returned to vocals.

Never, Neverland singer Coburn Pharr surprised audiences when he returned for a short time on the 70000 Tons of Metal cruise in January 2015.

[21] Drummer Mike Harshaw announced via his Facebook page in May 2016 that he had parted ways with Annihilator amicably after four years in order to spend more time with his family as well as to pursue other musical interests as he continued work with his own band, Prismind.

In September 2016, Annihilator played Calgary Metalfest alongside fellow Canadian speed/thrash metal pioneers Exciter, Razor, Sacrifice and a local band Gatekrashör.

In late November 2016, the band announced a compilation album, entitled Triple Threat, which was released through UDR Records on January 27, 2017.

The second and third discs were released as Blu-ray DVDs, one containing Annihilator's full set at Bang Your Head Festival in Germany, and the other containing a documentary profiling the band's extensive career.

[28] In support of For the Demented, Annihilator (along with Death Angel) opened for Testament on the European Brotherhood of the Snake tour, which took place in November and December 2017.

[32] On August 14, 2018, former Annihilator vocalist Randy Rampage (who sang on the albums Alice in Hell and Criteria for a Black Widow) died of an apparent heart attack, at the age of 58.

[38] The band released Metal II, a near complete re-recording of their 2007 album Metal, on February 18, 2022, which serves as a tribute to Eddie Van Halen and Alexi Laiho, the latter of whom appears posthumously on one of the album's re-recorded tracks "Downright Dominate", which also features Dave Lombardo on drums and Stu Block on vocals.

[42] In a 2013 interview with Photogroupie.com, Waters acknowledged his influences, stating: "I started listening to Elton John, Kiss, Sweet, AC/DC then it evolved from hard rock with electric guitar to Black Sabbath and the heavier stuff, Judas Priest, Maiden, Loudness, Van Halen was coming in.

Elsewhere in the interview, Waters talked about the impact Iron Maiden had on him and the band: "They're all great...but Bruce Dickinson is one brilliant, unique, gifted, talented person...the guy's a genius.