After the war ended, the airfield was closed on 15 February 1946 and the Federal Government returned control of 2,010 acres (8.1 km2) to the City of Marianna in 1947.

[1] Notable graduates of initial pilot training at Graham AB include former Chief of the National Guard Bureau, Lieutenant General Russell C. Davis[3] and former Vice Chief of Staff of the Air Force, General Michael P. C. Carns,[4] who was also a member of the first graduating class of the USAF Academy in 1959.

Facilities like Graham AB, with civilian contractor instructors and short runways became obsolete and were eventually closed in the early 1960s.

The Air Force closed Graham AB in late 1960, despite efforts of influential Florida Congressman Robert L. F. Sikes to keep it running.

ATC wanted to close the base in March, but an Air Force imposed freeze on shipping property delayed its final closure.

In addition to its civilian general aviation traffic, the airport continues to see significant use by military aircraft, with one third of the airport's daily operations normally consisting of transient military training flights, primarily Army helicopters from Fort Novosel and Navy helicopters from Naval Air Station Whiting Field.