The first issue of Australian Books was published in September 1946 by the newly formed Australian Book Society. In the initial editorial, Mary Mansfield declared, 'The Australian Book Society has been formed as a focus and rallying place for all book lovers who wish to see Australian writing of all kinds - books, magazines, plays and radio - given its full place and prominence as our own expression of literature'.
Australian Books aimed to do this by noticing and reviewing new books by Australian authors. Appearing monthly, Australian Books provided a 'Book Choice' by members of an advisory committee that included Marjorie Barnard and Flora Eldershaw. Their choice for the first issue was Brian James' Cookabundy Bridge and Other Stories. Subsequent selections included the anthology Poets of Australia, Judith Wright's The Moving Image and Frank Dalby Davison's Dusty.
The December issue of 1946 replaced the earlier roneo copies with print. The magazine continued in this form until October 1948 when it reverted to roneoed copies, signalling the beginning of production problems. T. S. Gurr's editorial indicated that meetings of the society had discussed the precarious future of the magazine, but all agreed that an attempt should be made to continue production. This did not occur, however, and the October issue was the last.