Designed by Rockwell International (now part of Boeing), development was delayed multiple times over its history due to changes in the perceived need for manned bombers. The initial B-1A version was developed in the early 1970s, but its production was canceled, and only four prototypes were built. The need for a new platform once again surfaced in the early 1980s, and the aircraft resurfaced as the B-1B version with the focus on low-level penetration bombing. However, by this point, development of stealth technology was promising an aircraft of dramatically improved capability. Production went ahead as the B version would be operational before the "Advanced Technology Bomber" (which became the B-2 Spirit), during a period when the B-52 would be increasingly vulnerable. The B-1B entered service in 1986 with the USAF Strategic Air Command (SAC) as a nuclear bomber.

In the early 1990s, following the Gulf War and concurrent with the disestablishment of SAC and its reassignment to the newly formed Air Combat Command (ACC), the B-1B was converted to conventional bombing use. It first served in combat during Operation Desert Fox in 1998 and again during the NATO action in Kosovo the following year. The B-1B has supported U.S. and NATO military forces in Afghanistan and Iraq. The B-1B is expected to continue to serve into the 2030s, with the Long Range Strike Bomber to start supplementing the B-1B in 2030.