Originally established as Reserve Squadron VF-874 it was called to active duty on 20 July 1950, redesignated VF-124 on 4 February 1953, it was disestablished on 10 April 1958.
[1] VF-874 equipped with F4U-4 Corsairs was deployed on USS Bon Homme Richard in Korean waters from 29 May to 20 November 1951.
During this deployment VF-874 lost 11 aircraft and 2 pilots.
[2] VF-874 deployed on USS Oriskany to Korean waters from 31 October 1952 – 22 April 1953, two aircraft were lost during this deployment.
[2]: 52–3 VF-124 was assigned to Carrier Air Group 12 (CVG-12) aboard USS Hancock during the Far Eastern cruise from 10 August 1955 to 15 March 1956.