The chosen location for the base was west of the former Town of Grand Centre (now part of the City of Cold Lake), and was based on factors such as low population density, accessibility, weather, suitable terrain, and nearby available land for air weapons training.

[citation needed] It hosts over 640 actual targets and 100 realistic target complexes, including 7 simulated aerodromes with runways, tarmac, aircraft, dispersal areas and buildings, as well as mechanized military equipment such as tanks, simulated radar and missile launching sites, mock industrial sites, and command and control centres.

During the 1980s, CFB Cold Lake was thrust into the international media spotlight when CLAWR was used as the target for testing of the newly developed AGM-86 Tomahawk air-launched cruise missiles by the USAF.

These missiles were launched from strategic bombers over the Beaufort Sea and travelled up the Mackenzie River valley, closely following the terrain at elevations of several metres above ground level.

The tests caused significant controversy among peace activists and local First Nations on the projected flight paths since the new untested weapons were considered a destabilizing force in the international arms race, potentially contributing to instability worldwide.

On August 27, 2020, the Government of Canada awarded EllisDon, Edmonton, with the $9.2 million construction of new facilities to house the RCAF's future fighter.

[9] As of 2023[update], CFB Cold Lake has the following units of 4 Wing stationed at the facility:[10] It also hosts a number of other lodger units, including the Aerospace Engineering Testing Establishment, 4 Construction Engineering Squadron, 1 Military Police Squadron, Real Property Operations Detachment Cold Lake, 22 Health Services Centre, as well as Alpha Jets and A-4 Skyhawks operated by civilian contractor Top Aces.

Cold Lake aircraft forward deploy to airfields throughout western and Arctic Canada as operational requirements dictate.

Maple Flag is a major international air weapons training competition hosted annually by CFB Cold Lake in May–June, making use of CLAWR.

The name is derived from the USAF's Red Flag training exercises at the Nellis Air Force Range in Nevada.

The primary goal at CLCTC is the provision of a safe and challenging national summer training program.

[17] The following have served as bandmasters for the band: Non-military use of the CLAWR increased since the 1990s, and "will continue to grow as various sectors vie for access to airspace, land and resources (such as natural gas, commercial fishing, and logging) in and around the range.

[5] Canadian Natural Resources Limited's (CNRL) Primrose and Wolf Lake in situ oil sands project near Cold Lake (operated by CNRL subsidiary Horizon Oil Sands) use a high pressure cyclic steam stimulation (HPCSS) extraction method.