The modern airport facilities were built by the now defunct Landsborough Shire Council and were officially opened on 19 August 1972 by Premier Joh Bjelke-Petersen.

The Queensland Air Museum was established in 1973, moving to a permanent facility at Caloundra Airport on 14 June 1986 at the invitation of the Landsborough Shire Council.

Major exhibits include a GAF Canberra bomber, a DHC-4 Caribou as well as many smaller military and civilian types significant to aviation in Queensland.

Circuit training for student pilots in not permitted after 2100 hours on weekdays and after last light on weekends as the airport is in a noise sensitive area.

A report to council recommended the creation of a master plan, environmental and business strategy to secure the long-term future of the facility.

[6] In September 2011, however, the state government approved a new housing estate at Caloundra South which will see new homes are built directly under the flight path for the airport, as close as 80 m (260 ft) from the runways.