The Fincastle Competition began in 1960 when Mr. and Mrs. Aird-Whyte presented a silver tray, (now the Fincastle Trophy), in memory of their son Sergeant Nairn Fincastle Aird-Whyte, (who was killed in action in 1943 while flying with the RAF Coastal Command). Initially the competition was for accuracy in depth chargebombing showcase but it has evolved over the years to reflect the new duties of today's air forces. The competition fosters relations among the four participating nations while encouraging learning and skill sharing.
From 1971, the competition sorties were flown from a common venue, exercising ASW skills in a set format gradually evolved over the years, but kept to a broadly consistent focus.
Format was changed to focus on a broader range of Intelligence, Surveillance, Target Acquisition, and Reconnaissance (ISTAR) missions, as well as retaining an ASW component. Rather than a dedicated submarine, the competition is held in conjunction with a major exercise.
In 1996 Lockheed Martin sponsored the first Fincastle Maintenance Trophy. According to the Canadian Air Force, competition for the Maintenance Trophy "evaluates each team’s skills with maintenance, support, and flight line operations."