Constructed in 1951 as Anchorage International Airport, it was renamed by the Alaska Legislature in 2000 to honor former long-standing U.S. Senator Ted Stevens. It is Alaska Airlines' second-largest hub, after Seattle. It is also a major cargo hub and, as of 2008, ranks as the world's fifth-busiest airport by cargo traffic, after Memphis, Hong Kong, Shanghai and Seoul. The majority of passenger flight operations are on Alaska Airlines to and from Seattle (an average of 20 flights per day) and Fairbanks (an average of 13 flights per day).

Anchorage was a common stopover for passengers flying to East Asia from the 1960s to the 1980s because U.S., Asian, and Western European aircraft could not fly over Soviet airspace, and because they did not have the range that modern-day aircraft have. Today, many cargo carriers continue to use Anchorage. Some passenger aircraft still stop at Anchorage on flights between Asia and the eastern United States.

Italy to Anchorage, Alaska Flight	Toronto to Anchorage, Alaska Flight
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Amsterdam to Anchorage, Alaska Flight	Mexico City, Anchorage, Alaska Flight