The airport first started out as a small strip of land on the then inhabited island of Hulhulé. Hulhulé Airport was opened on 19 October 1960. The first runway built on Hulhulé Island was made of slotted steel sheets. This runway was 75 ft × 3,000 ft (23 m × 914 m). The first aircraft which landed at the airport was a Royal New Zealand Air Force Bristol Freighter, NZ5906, on 19 October 1960 at 13:55hrs. The first commercial flight was an Air Ceylon flight (Avro 748; 4R-ACJ) landed on this runway was at 15:50hrs on 10 April 1962. The first aircraft owned by the Maldives landed on the runway of the Hulhulé Airport on 9 October 1974.

In May 1964, the government and the people of Malé worked together to construct a new asphalt runway. The four districts of Malé competed for the prize money of 1,000 rufiyaa, awarded to the fastest district. On the first day 108 volunteers were enlisted for the project and 1,563.08 rufiyaa was donated. The new runway was opened on 12 April 1966 at 16:00 by President Ibrahim Nasir.
When the tourism boom in the Maldives began in 1972, the country was in need of an international standard airport to transport international tourists to the resort islands. The International Airports Authority of India successfully completed the construction of Hulhule Airport, which was formally inaugurated, on 11 November 1981, under a new name of "Malé International Airport".

Maldives Airports Company Ltd (MACL) was formed on 1 January 1994 to operate and manage the Malé International Airport. MACL is governed by the board of directors appointed by the President of the Maldives.

On 26 July 2011, Malé International Airport was officially renamed as the Ibrahim Nasir International Airport in memory of Ibrahim Nasir, the 2nd President of the Maldives and the founder of the airport.

On 1 January 2017, the airport was rebranded as Velana International Airport, referring to the family house name of President Ibrahim Nasir. The rebranding is part of a strategic plan in aligning the airport with the economic vision of the Yameen administration. India has played a crucial role as a key supporter and financier of infrastructure initiatives in the Maldives, serving as a steadfast friend. India's Line of Credit amounting to $136.6 million significantly expedited the successful completion of the Male Airport project.
In 2010, the Nasheed administration appointed IFC to run a bidding process for the privatisation of the airport. The bid was won by a consortium between GMR Group and Malaysia Airports who provided 1 billion rufiyaa as upfront fee to the governmen…

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