Each issue covers critical, theoretical, and historical topics relating to a particular theme. Past themes include "Innovation and Experimentation", "Defining the Americas: Media Within/Across Borders", "DVDs", "Authorship", "Narrative & Storytelling" and "Pornography".
By the mid 1970s, The Velvet Light Trap had established a reputation for scholarly research, with faculty from around the United States publishing articles in special issues such as "RKO Radio Pictures," "MGM," and "Warners Revisited." The Velvet Light Trap often attempted to define the styles and genres that distinguished individual Hollywood studios. Access to primary documents at the Wisconsin Center for Film and Theater Research led to special interests such as the blacklist period (1947-1960s).
In 1989, the journal changed publishers, moving to the University of Texas Press. As part of the deal with the journal’s founders, UT graduate students would collectively co-edit the journal along with Madison students. With the move to the UT Press, the journal established an international advisory editorial board and instituted blind, peer-review evaluation of its essays. The bi-annual format of Madison publishing an issue in the fall and Texas publishing an issue in the spring still stands.