The Paramount serves as home to Orchestra Iowa, the Cedar Rapids Area Theater Organ Society, and a series of Community Concerts.

For its first year, it presented a full range of comedians, singers, dancers, acrobats, movies, and audience sing-alongs; its "Mighty Wurlitzer" organ was central to much of the entertainment it provided.

The theater's architectural ideal was palatial, with a "Hall of Mirrors" patterned after that in Versailles and expensive oil paintings, busts, furniture and other treasures.

The Paramount Theatre was damaged by the epic flood that began in the early morning of Wednesday, June 11, 2008 when the Cedar River rose over its banks.

The console, lift, and blower of the Mighty Wurlitzer theater organ were destroyed by the flood.