Hazard was launched on 1 October 1944 and was commissioned on 30 December 1944. The vessel was built by the Winslow Marine Railway and Shipbuilding Corporation of Winslow, Washington. The Hazard was fitted for both wire and acoustic sweeping and could double as an anti-submarine warfare platform. The Admirable class of minesweepers were also used for patrol and escort duties.
Hazard first served in this capacity, escorting a convoy from San Francisco to Pearl Harbor, and then running with convoys to Eniwetok and Ulithi. In March 1945, the sweeper was sent to Okinawa, where she first performed anti-submarine patrols before sweeping the waters off Kerama Retto in keeping with the minesweeper's slogan, "No Sweep, No Invasion."
Returning to the United States in 1946, Hazard was decommissioned and joined the reserve fleet. Stricken from the Navy Register in 1971, Hazard was purchased by a group of Omaha businessmen and placed on public display. She is open to the public along with the submarine , landing ship USS LSM-45, an A-4 Skyhawk, an A-7 Corsair II, and an HH-52A Seaguard Coast Guard helicopter at Freedom Park on the waterfront in East Omaha.
Hazard is a National Historic Landmark, the only Admirable class minesweeper left in the United States. Her sister ship, the was a museum ship in St. Louis until she was destroyed in the Great Flood of 1993.