The magazine would rely heavily on the US edition for pictorials, and thus reprinted many pictorials featuring popular US Playmates and celebrities including Pamela Anderson, Erika Eleniak and Anna Nicole Smith.

The first edition issued February 1979, featured Rosemary Paul on the cover and Karen Pini as the centerfold, selling nearly 200,000 copies.

The biggest selling edition of Australian Playboy was the October 1995 issue with Dannii Minogue on the cover and Cynthia Brown as the centerfold.

By 1996 sales of the magazine had fallen to 36,000 and in 1997 Mason Stewart Publishing was taken over by British publisher EMAP International Limited, with Philip Mason becoming non-executive chairman of EMAP Australia.

Due to declining sales (circulation - 25,000), the last issue was January 2000, which featured Elina Giani on the cover and Jodi Ann Paterson as the centerfold.