The airport's development was initiated by Waterford Corporation, with support from the Government of Ireland and the private sector, in 1979–1980.

Waterford Airport opened in 1981, with a 1,200 by 29 m (3,937 by 95 ft) runway for single and twin-engine light aircraft and a portable cabin as the terminal building.

Over the next two years the money would be spent on extending the runway to 7,300 feet (2,200 m) in length, building a new passenger terminal capable of handling one million passengers a year, and introducing scheduled flights to European cities such as Amsterdam, Barcelona, Paris, Prague and Rome.

According to the chief executive of Waterford Airport, Graham Doyle, the extended runway was to be in place by summer 2009 and capable of handling large jet aircraft, including the Airbus A320 and the Boeing 737.

[6] Noel Dempsey, the Minister for Transport, announced on 9 March 2010 that owing to difficulties with public finances there would be no funding for the runway extension at the airport, and that security and safety were priorities "in the current financial climate".

Minister for Transport Shane Ross was to give the airport €5 million once the extended runway was confirmed and ready for service.

[17] In August 2022, it was reported that the billionaire Comer brothers agreed a €20 million deal to buy a majority stake in Waterford Airport.

The goal of this project is to allow for jet aircraft to land at the airport, and "offer the essential direct connectivity to the region".

Waterford has a by-pass, and thus the airport can be very easily reached from Dungarvan, Tipperary, Kilkenny, Carlow and Wexford.

After reaching the outer ring road, four major primary routes can be accessed from Waterford: towards New Ross, Dublin, Limerick and Cork.

There is also a railway station in Waterford; this offers services to Limerick via Clonmel and Tipperary, and to Dublin Heuston via Kilkenny and Carlow.