​​The memorial was unveiled in 1923 in honour of those who had served in the Royal Flying Corps and Royal Air Force during the First World War. The funding for this memorial was raised through the RAF Memorial Fund. This is now known as the RAF Benevolent Fund. On the 16 July 1923 it was unveiled by the then Prince of Wales, later to be King Edward VIII. 

​Following the Second World War, the memorial was updated to commemorate those that had served. The inscriptions were unveiled by Sir Hugh Trenchard who had served on the original committee in 1919 to establish the memorial. 

​The memorial is recognised as the official Royal Air Force Memorial. Annually on ‘Battle of Britain Day’, 15 September, the Chief of Air Staff from the RAF places a wreath in remembrance.