In 1975 a group of nine citizens banded together to create the Apple Festival. They took inspiration from the Apple Blossom Festival held in Rogers, AR; the main attraction of this event was the Apple-Themed Parade which many towns entered floats in. In 1926, Lincoln won the competition for best float. The Apple Blossom Festival only took place from 1923 to 1927. 

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Lincoln's vast history of apples and the inspiration from the Apple Blossom Festival made the choice obvious to make this festival apple-themed. Many confused the event for a Bicentennial Celebration for America, but it was only coincidental the first one was held in 1976. Musician David Allen Coe performed at the first Apple Festival, in order to garner funds to have him perform Lincoln hosted a "Womanless Wedding" where every role was played by area politicians and businessmen.

Throughout the years the Apple Festival morphed to host different events, but never missed a parade. The 1980 Apple Festival saw the attendance of Governor Bill Clinton to crown the Apple Queen, Sandra Williams. In 1981 Governor Frank White proclaimed October to be "Arkansas Apple Month"

When the COVID-19 pandemic hit Arkansas the Arkansas Apple Festival committee cancelled the festival, citing no possible way to make the event safe for everyone, this was true and the call had to be made as early as possible to prevent vendors from creating stock for an event that may not be able to happen.

Shortly after the 2022 Arkansas Apple Festival it was discovered the building in the center of the square was unsafe for any use, in December of 2022 the Arkansas Apple Festival cancelled the 2023 festival, citing there was no way the area would be safe for use by that time. They were right, as the condemned building was still standing in October of 2023. 

Early in the 2023 year the current committee decided it was time to change hands and all the members withdrew except the treasurer. This led to a vote of all new committee members for the Apple Festival to take control of it for 2024 until deemed otherwise.