Craig AFB was closed in 1977 as part of reduced defense spending and a concurrent post-Vietnam War reduction in force.

In the year ending November 2, 2009, the airport had 38,550 aircraft operations, an average 105 per day: 89% general aviation, 10% military, and 1% air taxi.

The Craig VORTAC and the Instrument Landing System (ILS) for the current Runway 33 remain operational.

Prior to its 2007 closure by L3 Corporation, now L3Harris, other military training and operational support airlift aircraft were inbound to the L3 Communications/Vertex Aerospace facility at the airport for contracted maintenance.

In 2015, Marine One used Craig Field when President Barack Obama visited Selma's Edmund Pettus Bridge.