Femme Fatales was founded by Frederick S. Clarke in the summer of 1992, as the sister publication to his science fiction film magazine Cinefantastique.

It focused on science-fiction, fantasy, and horror actresses, from B-movies to Academy Award winners, featuring provocative non-nude photography pictorials, alongside extensive career interviews.

It was unique in that it encouraged contributions from the actresses themselves, and featured articles penned by "scream queens" Brinke Stevens, Tina-Desiree Berg and Debbie Rochon, amongst others.

Interviews with filmmakers that helped bolster the "scream queen" market, such as Andy Sidaris and Fred Olen Ray, were also featured.

Williams planned the 2003 revamp of Femme Fatales as a version of the men's magazine Maxim focusing on actresses in science fiction and horror films.