FCBD is organized and facilitated by Diamond Comics Distributors, guided by a committee representing publishers, industry journalists, retailers, and its own management.

[1] This committee selects the titles from publishers with the aim of providing a wide variety of what the industry has to offer.

[6][7] Inspired by Free Scoop Night at the Baskin-Robbins ice cream parlor next to his store, Field proposed Free Comic Book Day in his August 2001 "Big Picture" column in Comics & Games Retailer magazine.

[6][5] The column received positive reaction and Image Comics co-founder Jim Valentino suggested having the first FCBD coincide with the opening weekend of the 2002 Spider-Man feature film, in order to take advantage of the film's heavy promotion and related press about the comic book medium.

[16] While giving out free comic books on FCBD, participating retailers often run additional promotions.

This can include sales on selected merchandise, creator signings, prize raffles, cosplay contests, charity drives, karaoke,[17] and art exhibitions.

Cosplayers parade along the street, which is chalked with murals, and many other businesses along the route cater to the theme.

[21] That year's event was received as a big day for fans in the absence of comic book conventions and other major gatherings.

[17][36] Non-fiction titles have included collectors' guides, art books, biographies of prominent creators, and histories of the comics industry.

[59] Marc Nix of IGN called FCBD a "wonderful comic nerd holiday"[35] and F. Andrew Taylor of the Las Vegas Review-Journal said it was like "a combination of Christmas, Halloween and Burning Man" to fans.

[17] Scott Thill of Wired wrote that "Free culture has rarely paid off so handsomely, for fans or publishers.

[9][54][61][62][63][64] The Netherlands and Flanders (the Dutch-speaking part of Belgium) have also observed Free Comic Book Day, beginning on May 5, 2012.

[78] Approximately 20 LCSD special edition comic books are offered each year, with retailers often having Black Friday discounts on merchandise.

[78] Children's Book Week (CBW), organized by American non-profit Every Child a Reader, was moved to May in 2008.

[79] FCBD was named as an official CBW event, launching Children's Book Week, and the two organizations partner in promoting child literacy.