The airport was constructed during World War II as Fort Randall Army Airfield during the secret military buildup of the Territory of Alaska that began in 1941.

A four-gun 155 mm gun battery on Panama mounts was located at Mortensen's Lagoon at Thin Point.

The aircraft and entire crew were lost during their return from this mission, when they were unable to land at Cold Bay.

The wreckage of Captain Thornbrough's aircraft was found 50 miles (80 km) from Cold Bay on the north side of the Alaska Peninsula the following month.

Both the runway and dock have continued in service to this day serving as transportation hubs for airlines and shipping.

The 5042d ABS was discontinued on 1 January 1950 per AAC General Order Number 198, dated 13 December 1949, due to budget restrictions.

It was planned for inactivation; however, the transport demands by MATS flying to Japan to support the Korean War delayed the inevitable closing of the base until 1 September 1953 by AAC General Order 66.