The first issue covered topics including a moose hunt in Alaska and advice about Native Americans. Some of the original sections were titled, "Photography", "Trap and Target", and "In the Game and Field".

Outdoor Life was an innovative publication. In 1903, the first photograph was printed on the cover in black and white. A short time later, in 1906, the first color cover appeared on the magazine.

Outdoor Life's editorial coverage followed its audience's interests in new developments, such as aviation, boating, and motor vehicles. However, it stayed true to its original focus: the outdoors man. Over the years, many notable people have contributed to the magazine: former President Teddy Roosevelt contributed from 1901 to 1904; Zane Grey, a well-known adventure writer and big game fisherman, was a frequent contributor between 1918 and 1932; and Ernest Hemingway was accompanied by an Outdoor Life writer on a marlin fishing trip to Cuba in 1935. Other famous contributors include Amelia Earhart, Clark Gable, and Babe Ruth.

In 1934, Outdoor Life moved from its original location in Denver to New York City, where it remains today. For many years, Outdoor Life was owned by the Popular Science Publishing Company, which was purchased by Times Mirror in 1967.  Time Inc. bought the Times Mirror magazines in 2001. In 2007, Time Warner sold Outdoor Life and several other publications to Bonnier Corporation, which owns the magazine today.

Outdoor Life was reduced from 9 issues a year to a quarterly publication in January 2018.

On June 9, 2021, Outdoor Life announced ceasing print publication and moving to an entirely digital format.