The airport was Roswell Army Airfield during World War II, and Walker Air Force Base during the Cold War. When it closed it was the largest base of the United States Air Force Strategic Air Command. Roswell Industrial Air Center was developed after the closure of Walker Air Force Base on June 30, 1967. Commercial airline flights were moved from the old Municipal airport to the Air Center shortly afterwards and Trans-Texas Airlines upgraded some of its flights serving Roswell to Douglas DC-9 jets.

Walker AFB was named after General Kenneth Newton Walker, a native of Los Cerrillos. He was killed during a bombing mission over Rabaul, New Britain, Papua New Guinea. on January 5, 1943. Though intercepted by enemy fighters, his group scored direct hits on nine Japanese ships. General Walker was last seen leaving the target area with one engine on fire and several fighters on his tail. For his actions, General Walker was awarded the Medal of Honor posthumously by President Franklin D. Roosevelt in 1943.

The base was renamed in his honor on January 13, 1948. Walker Hall, at Maxwell Air Force Base, Alabama, home of the College of Aerospace Doctrine Research and Education, is also named after the general.

In 1966 the Air Force announced that Walker AFB would close. This was during a round of base closings and consolidations as the Defense Department struggled to pay the expenses of the Vietnam War within the budgetary limits set by Congress.

It is also known for the 1947 Roswell UFO incident.

The site was used for several years to launch stratospheric balloons for Air Force projects.

The airfield also serves as a storage facility for a fleet of retired airliners (aircraft) for a number of operators, including a number of Boeing 767 wide body jetliners, MD-80 narrow body jets, formerly operated by American Airlines. A Lockheed JetStar, once owned by Elvis Presley, and sold at auction in May 2017, had spent over 30 years sitting on a tarmac at the airport. The Jetstar was again sold at auction in January 2023 for $286,000.

On April 2, 2011, a new Gulfstream G650 crashed shortly after takeoff from the airport during a test flight that was being conducted by the manufacturer of this large, twin engine business jet, killing all four aboard.

The airport was used by Felix Baumgartner to launch his record-breaking freefall jump from the stratosphere on October 14, 2012. Then again for Alan Eustace's near space skydive in October 2014.

On August 23, 2016, as part of a dramatic fleet renewal plan, American Airlines retired 20 McDonnell Douglas MD-80 aircraft to Roswell, resulting in the most aircraft retired by a commercial airline in a single day.

On September 4, 2019, American Airlines retired its remaining McDonnell Douglas MD-80 aircraft to Roswell.

On May 23, 2024, the Reno Air Racing Association announced starting in 2025, the Roswell International Air Center will host the National Championship Air Races and Air Show starting in 2025, replacing the Reno Stead Airport.