Published quarterly, the first volume ran 20 issues, numbered #1-19 and #21 (Summer 1941 - Winter 1946/47). The first issue contained a 12- to 13-page story each of the (Golden Age) Human Torch, Black Marvel, the Sub-Mariner, and the Angel, All the characters had been introduced in other Marvel/Timely titles. Also, there was a two-page text story by Stan Lee. The following issue, the preexisting superheroes the Destroyer and the Whizzer replaced the Black Marvel and the Angel. This lineup continued through #12, with a one-shot appearance of the Black Avenger in #6.
After issue #19, the title became the teenage-humor comic All Teen Comics, which released a single issue, #20 (Jan. 1947). When Timely chose to do another All-Winners Squad story, the publisher retitled the cancelled Young Allies Comics, which had ended with #20 (Oct. 1946), resulting in All Winners Comics #21. Most sources say the title afterward became the humor title Hedy De Vine Comics, starting with #22 (Aug. 1947).
A second volume ran one issue (Aug. 1948) before being retitled and reformatted as the Western anthology All-Western Winners, which ran from #2 to #4.