Initially conceived by New Zealand live deer recovery pioneer, Sir Tim Wallis, as a show for him to display his collection of World War II aircraft, the event has grown into a major institution.

A large contingent of historic and contemporary aircraft of note from all over New Zealand and the world converges on Wānaka each second Easter for the air show.

Numerous aviation personalities from all over the world attend Warbirds over Wanaka, Gen Chuck Yeager and Buzz Aldrin being the most notable of recent times.

Also on alternate (odd) years Wings over Wairarapa airshow is held at Hood Aerodrome, Masterton, in the North Island.

It is traditional for RNZAF aircraft heading to Wānaka for the airshow to perform aerial displays over the cities of Christchurch and Dunedin on their journey to the show.

The star of the show was a Messerschmitt Bf 109 (Hispano Ha.1112 Buchon) owned by the Duxford-based Old Flying Machine Company and flown by Mark Hanna.

The Alpine Fighter Collection's Curtiss P-40K Kittyhawk made its first post-restoration flight at the show, also flown by Mark Hanna.

The Saturday event was tragically marred by the death of pilot Ian Reynolds while displaying his de Havilland Canada DHC-1 Chipmunk.

A recently imported Grumman Avenger flew at Wanaka and a Hawker Hunter took part, as well as a Boeing 777 belonging to Air New Zealand performing a display on the Sunday.

The RNZAF Bell UH-1H Iroquois helicopter, which had been a regular feature of the airshow since its inception in 1988, made its final display before retiring from service and being replaced by the NH-90.

The resident PBY Catalina made its first airshow at Wanaka after a restoration program took place for the aircraft to ensure its airworthiness.

Another aircraft that was scheduled to appear was a Boeing B-52 Stratofortress that would flyover Wanaka on Sunday on its way to Australia from Guam,[10] making the type's airshow debut in New Zealand.

A highlight of the programme was to be the New Zealand airshow debut of the Lockheed Martin F-35 Lightning II, with an example from the RAAF scheduled to perform flying displays over the weekend.

The country's government changed the COVID "traffic light" alert level to "Red" nationwide on 23 January and the following day the airshow's organisers announced that the 2022 show would be cancelled.