Constructed during the 1960s and inaugurated in 1965. The Portuguese Government was the owner of Faro airport until the 2010s when Vinci Group became its owner. The national airport authority ANA Aeroportos de Portugal has been its operator. Along with the airports in Lisbon, Porto, Ponta Delgada, Santa Maria, Horta, Flores, Madeira, and Porto Santo, the airport’s concessions to provide support to civil aviation were conceded to ANA Aeroportos de Portugal.

Since its inauguration in 1966 to the 2000s, Faro airport has had two major developments: the new passenger terminal building in 1989, and enlargement in 2001. Facing a increasing in traffic demand and passenger safety and satisfaction needs, Faro airport had major  improvements to runway and infrastructure, as well as a general renovation of the airport terminal and commercial areas.

Handled 5,447,200 passengers and recorded 39,789 aircraft movements in 2008. The capacity of the airport increased from six million to eight million passengers. Passengers handled per hour increased to 3,000, the number of aircraft handled per hour increased to 30, and aircraft parking bays increased from 22 to 33. 

Additional shops and waiting areas were constructed as part of the expansion. 

A new instrument landing system (ILS) was installed at the runway along with the installation of a glide reflection mirror. 

The security area at the runway was also expanded. 

As of 2021, Faro Airport is capable of handling nine million passengers a year. There are 22 stands of which 16 are remote, with 60 check-in desks and 36 boarding gates.