The origins of the company stretch to 1981, when Edmonton's Theatre Network became the third company in the world to regularly produce Keith Johnstone's Theatresports. The Artistic Director of Theatre Network at the time, Stephen Heatley, brought the high-energy format to Edmonton, and eventually, performers from the show formed Rapid Fire Theatre, which officially became its own theatre company in 1988. Rapid Fire Theatre performed originally at the Phoenix Theatre in Downtown Edmonton until 1990 when it moved to The Chinook Theatre in Old Strathcona, which became the Varscona Theatre in 1994. Rapid Fire Theatre performed there until 2012, and was part of the Varscona Theatre Alliance, along with Teatro la Quindicina and Shadow Theatre. In September 2012, Rapid Fire Theatre moved back north of the river to Zeidler Hall at the Citadel Theatre complex, as announced by Maria Bamford. In 2013 Rapid Fire Theatre launched a capital campaign with the goal of building their own theatre.
RFT currently produces two weekly shows: Theatresports and the long form improv show Chimprov. Some members of Rapid Fire Theatre have produced or performed in sketch comedy shows. Other shows previously produced by RFT over the years have included Gorilla Theatre, Catch 23 and The 11:02 Show, as well as main stage productions like "On Being a Peon" and "The Critic", penned by RFT member Chris Craddock, as well as collaborative projects like “Fairytales Scratched”, “A Watched Pot Never Boyles”, and “Kiss My Bus”. In 2011, Rapid Fire Theatre marked the 30th season of Theatresports in Edmonton with an Alumni Weekend.
Improvaganza
RFT also hosts an annual international improvisation festival, Improvaganza, which brings improv artists from across the world together every June. The festival is partially funded by the Government of Canada.
Rapid Fire Theatre has received several awards, including a special Elizabeth Sterling Haynes Award for excellence in theatre. Rapid Fire was named Best Theatre Company by VUE Weekly readers in 2012, 2013, 2014 and 2015 as well as Edmonton's Favourite Live Theatre Company by the Edmonton Journal in 2014. In 2013, the company also won a Canadian Comedy Award for Best Comedy Short for Internet Search History Revealed.
Touring
Members of the company have performed across the world, including multiple appearances at the Berlin International Improv Festival, The Wurzburger Improtheaterfestival, The Chicago Improv Festival, The Vancouver International Improv Festival, The Winnipeg International Improv Festival, The Canadian Comedy Award Showcases, The St. Valentine’s Day Massacre Theatresports Tournament hosted by Vancouver Theatresports League, and the World Domination Theatresports Tournament presented annually in Atlanta by Dad's Garage Theatre Company.