The squadron was formed in 1940 and saw action as a bomber squadron during World War II serving in the Pacific theatre against the Japanese, and undertaking operations during the Battle of Rabaul, and the New Guinea, New Britain and Borneo campaigns.

With an initial strength of four CAC Wirraway aircraft, it was subsequently re-equipped with Lockheed Hudsons in the second half of 1940.

Tasked with patrolling Australia's northern approaches in search of German raiders and submarines, while it also undertook a range of training activities over the following months.

[3] The squadron moved to Townsville in October where it undertook coastal patrol and training flights operating a mix of Wirraway and Hudsons,[2][4] as well as de Havilland Moth Minor trainers.

24 Squadron moved to Bankstown, New South Wales, in July 1942 where it performed training, anti-submarine and air defence patrols using a diverse assortment of aircraft.

24 Squadron deployed to New Guinea in August 1943 operating from Nadzab where it provided support to Australian Army and United States Marine Corps units in New Guinea and New Britain, supporting operations on the Huon Peninsula, around Shaggy Ridge and Cape Gloucester.

24 Squadron was withdrawn to Australia to begin preparations to convert to the heavy bomber role equipped with Consolidated B-24 Liberator aircraft.

Operating from bases in the Northern Territory the squadron continued to fly bombing and anti-shipping strikes against Japanese forces in the Netherlands East Indies.

24 Squadron was used to ferry liberated Australian prisoners of war home before being disbanded at RAAF Station Tocumwal on 15 May 1946.

[9] The squadron was allocated a fighter role, and was equipped with P-51 Mustang fighters and Wirraway training aircraft, being the only CAF squadron to operate Mustangs for the entire post-war period with all others operating jet aircraft.

The Freedom Scroll was presented at a ceremonial parade by the Lord Mayor, The Right Honourable Mr George Joseph.