Yiwu Airport began construction in 1970 and was originally a secondary naval training airfield. In 1988, with approval from the State Council and the Central Military Commission, it became a dual‑use military and civilian airport, and it opened to civil aviation on 1 April 1991. In December 1993, the airport underwent a 100-million yuan expansion, and after entering service at the end of December 1994, it was capable of handling aircraft such as the B737 and MD‑82.

In 2006, Yiwu Airport launched a major terminal‑area expansion project, including a new passenger terminal, an air‑traffic‑control building, and supporting facilities such as communications, firefighting, power supply, wastewater treatment, office space, and living quarters. The project costed 300 million yuan. Construction began on 22 October 2006 and the new facilities entered service on 10 April 2009.

On 6 January 2012, the international terminal project officially began. It included a 13,436 m² international terminal, a 1,879 m² cargo warehouse, and three Class‑C aircraft stands. The project also involved upgrading the existing 14,157 m² apron, a 200.4‑meter elevated roadway, and a 4,687.5 m² parking lot. The new international terminal was designed with two levels to separate arriving and departing passengers and was scheduled to enter service in October 2013.

On 6 August 2014, the State Council approved the opening of Yiwu Airport as an international port of entry.

In 2015, the airport began upgrading its airfield area: extending the runway 500 meters southward to reach 3,000 meters, widening the runway strip 60 meters to the east, constructing an 850‑meter civil aviation parallel taxiway, reinforcing the runway, apron, and taxiways, and upgrading communications, navigation, drainage, and perimeter systems. The project was completed and commissioned on 13 November 2017, and the airport was upgraded to Class 4D.

On 25 December 2025, Yiwu Airport began providing approach‑control services and was incorporated into the Hangzhou approach‑control area.