Russian-born publisher Albert Lewis Kanter  1897–1973  created Classic Comics for Elliot Publishing Company in 1941 with its debut issues being The Three Musketeers, under the original heading, "Classic Comics". When the printing run exceeded half a million copies he knew that he had a very successful format on his hands. Kanter began printing new titles every month or two and sales grew stronger and stronger. He began to receive letters asking for copies of earlier titles that were not to be found on the newsstands anymore. Kanter realised that people were not throwing their Classic Comics away, but instead were saving them and trying to get a copy of each title. Thus the collecting side of this series was born. Some of the early artwork was rather crude and some of the adaptations rather loose but the series gained considerable momentum.

With the fourth issue, The Last of the Mohicans, in 1942, Kanter moved the operation to different offices and the corporate identity was changed to the  , Inc.. Reprints of previous titles began in 1943. Wartime paper shortages forced Kanter to reduce the 64-page format to 56 pages, and, in 1948, rising paper costs reduced books to 48 pages. The series name-changed in March 1947 to Classics Illustrated with issue 35 The Last Days of Pompeii. In 1951, line-drawn covers were replaced with PCs  issue 81 , and the price was raised from 10 cents to 15 cents,  and, at a later date, to 25 cents . In addition to Classics Illustrated, Kanter presided over its spin-offs Classics Illustrated Junior  1953 , Specials, and The World Around Us. Between 1941 and 1962, sales totaled 200 million.

In April 1943 "Robinson Crusoe", the tenth in the series was published, accompanied by reprints of numbers one, two, three, and five. Kanter was reprinting comics - unheard of in the industry until then. The comics now had lists of the available titles from number one to number ten and you could clip a coupon from the comic, send it to the publishers,  , and they would mail the ordered books to you. As new titles were added to the series these lists grew longer and longer to include the new titles. Kanter had inadvertently created a system to classify the edition of a title. When number twelve, "Rip Van Winkle" was published, in June 1943 the ordering list now had twelve titles and reprints of number four and seven also hit the newsstands with the number twelve original.

Almost all of the 169 titles were reprinted, some up to 25 times.* Originals of #1 through #34 were all produced as Classic Comics. With title #35,"The Last Days of Pompeii", the logo changed to Classics Illustrated in March 1947. In l955 the Classics Illustrated Special Issues series began with #129, "The Story of Jesus". The World Around Us series began in 1958. When #81 of the regular series appeared in 1951, two changes occurred. The new price of fifteen cents appeared printed on the cover of all the following originals and reprints. Number 81 also had the first PC, as opposed to the rather "cartoonish" Line Drawn Covers of the early editions. After this no further line drawn covers were issued. Throughout the 1950’s the series flourished. Where parents were unhappy with their children reading the sensational DC comics, they encouraged them to read Classics Illustrated as an educational aid.

The publication of new titles ceased in 1962 for various reasons. The company lost its 2nd-class mailing permit and cheap paperbacks, Cliff's Notes, and television drew readers away from the series. Kanter's last new title was issue 167 Faust  August 1962  though other titles had been planned. These titles appeared in the company's foreign editions. In 1967, Kanter sold his company to Catholic publication Twin Circle and its publisher Patrick Frawley, whose Frawley Corporation brought out two more titles but mainly concentrated on foreign sales and reprinting older titles. After four years, Twin Circle discontinued the line because of poor distribution. By the early 1970s, Classics Illustrated and Junior had been discontinued, although the Classics Illustrated branding would be used on one telemovie, The Legend of Sleepy Hollow. Since the series' demise, various companies have reprinted its titles.