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Panzerfaust magazine was started in the 1960s by Don Greenwood as a wargaming fanzine. Originally produced on a ditto machine, quality and production reached the point where The Avalon Hill Game Co hired him as the editor of the Avalon Hill General in 1972.

At this time, the magazine was sold to Don Lowry as of issue #53, who already had a mail-order business with regular catalog mailings. In 1973, Lowry attempted to split off the historical article content into a new magazine Campaign, which stopped after one issue due to the combined pressures of producing two magazines simultaneously and financial problems. Campaign was folded back into Panzerfaust, which was belatedly renamed Panzerfaust and Campaign with issue #71 in 1976. It was finally renamed Campaign with issue #79 in 1977. It folded after issue #111 in 1983.

Throughout its life, it concentrated on historical board wargames, with some miniatures coverage and historical articles. It also had occasional articles and reviews on non-historical games, role-playing games and play-by-mail games.

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