Although it was not the first science fiction magazine - it was preceded by Air Wonder Stories, Amazing Stories and Science Wonder Stories - Astounding is considered by many to be the single most significant science fiction magazine, and the one responsible for redefining the whole genre.

Astounding Stories of Super Science was first published in January 1930 under the editorship of Harry Bates. In its first incarnation it published fast-paced adventure stories - by writers including Ray Cummings, Paul Ernst, Murray Leinster and Jack Williamson - which proved popular with readers. Typical covers by Hans Waldemar Wessolowski (H.W. Wesso) show human figures being menaced by giant insects. But these were the years of the Depression and paper shortages, and the magazine folded in March 1933 with the demise of its publisher, Clayton Magazines. The magazine was revived in October the same year by Street & Smith, with F. Orlin Tremayne as its editor.

Tremayne began publishing what he called "thought variant" stories, aiming to foster bolder ideas, and featuring such writers as Nathan Schachner, Jack Williamson, Murray Leinster, Donald Wandrei and E.E. 'Doc' Smith. John W. Campbell also appeared within the pages of the magazine as writer under the pseudonym Don A. Stuart.

John W. Campbell took over the editorial chair in 1937 and came in with very strong ideas of his own as to the content and form of science fiction stories. He assembled a stable of writers who were receptive to his ideas, among them Robert A. Heinlein, Theodore Sturgeon, Isaac Asimov, and A.E van Vogt. The period from the Summer of 1939 to 1942 was regarded as the 'golden age' of the magazine and of science fiction. Asimov's robot and Foundation stories had their beginnings in this period, as did van Vogt's Weapons Shop and Null-A stories.

After the Second World War Astounding faced competition from an increasing number of science fiction magazines. Seeking to broaden the scope of his subject matter, Campbell encouraged stories about mental powers and parapsychology, and in May 1950 the magazine published L. Ron Hubbard's theory of Dianetics, which would later be developed into Scientology. Harry Harrison's first science fiction story for the magazine was published in August 1957, "The Stainless Steel Rat."

During the 1960 the title of the magazine was gradually changed from Astounding to Analog: Science Fact-Science Fiction. Harry Harrison's first serial, the original Deathworld, appeared during this period. In 1961, Condé Nast took over as publisher. Frank Herbert's Dune first appeared in the magazine in December 1963 and Anne McCaffrey's Pern stories first found a home there in 1968.

Campbell died in July 1971, and was succeeded as editor by Ben Bova, who held the post from 1972 to 1978. He was followed by Stanley Scmidt who took on the role in 1978. Davis Publications took over as publishers of the magazine in 1980, followed by Dell Magazines in 1992.