During the 1950s, a few women appeared on the cover of Sports Illustrated, but the 1964 issue is considered to be the beginning of the current format known as the Swimsuit Issue. The Sports Illustrated Swimsuit issue was created by then Sports Illustrated editor Andre Laguerre to fill the winter months, a typically slow sporting season. The first issue, released in 1964, featured model Babette March on the cover and a five-page layout. The cover includes an article tagline that says “A Skin Diver’s Guide to the Caribbean.”

As of 2022, the brand Sports Illustrated is owned by The Arena Group, which still publishes the magazine, including the Swimsuit Issue.