The first issue of Art Monthly Australia, (AMA) was published in June 1987; its founding editor was Peter Townsend, then the founding editor of Art Monthly (UK), a leading magazine of contemporary visual art. Townsend modeled the Australian magazine on its namesake and it quickly became a lively and critical forum for debate on contemporary Australian art. Townsend edited both magazines for six years, until he was succeeded as editor of AMA by Peter Timms, a well-known writer and curator. Timms edited the magazine for five years - his first issue was #58 (April 1993) and his last was #107 (March 1998). Philippa Kelly, who had worked as Art Monthly Australia's managing editor for the previous eight years was then appointed editor; her last issue was April 2002. Deborah Clark, the 4th editor, saw Art Monthly Australia publish its 200th issue in June 2007, Clark's last issue was October 2007. The current and 5th Editor, Maurice O'Riordan, was appointed in January 2008.

Art Monthly Australia is an incorporated public company, and operates as a non-profit organisation. The magazine is produced ten times a year, from March to December. Art Monthly Australia's income is derived from sales and subscriptions, advertising, philanthropic, and government funding. Over the 25 year-life of the magazine it has been vigorously supported by the Australia Council.

The Australian National University (ANU) School of Art, Canberra, has generously hosted Art Monthly Australia since 1992.  David Williams, Director of the School of Art (1985-2006), is the Chair of the AMA Board. Members include: Jon Altman, Helen Ennis, Denise Ferris, Ian North, Gregory Pryor, Michael Whitworth, Claire Roberts, Hannah Mathews, and Samantha Faulkner.

Art Monthly Australia employs three staff: Editor, Maurice O'Riordan; Managing Editor, Tania Evans and Publication Coordinator, Sharon Curran.