It built upon the history of an earlier private collection called the Air Museum of Canada.

The museum moved to its current location in a former British Commonwealth Air Training Plan hangar in 1985.

[4] The museum's annex, a building used to store aircraft from its collection, had its fabric roof badly damaged in a windstorm in March 2023.

[8][failed verification] A central War memorial stone slab and four other memorial slabs were erected by the Aircrew Association (Southern Alberta Branch) and the Aero Space Museum Association of Calgary.

[9] The Aero Space Museum Association of Calgary erected a list of honour memorial dedicated to the Alberta Airmen who were killed in the Second World War.