In the 1860s and 1870s, conservative Punch faced competition from upstart liberal journal Fun, but after about 1874, Fun's fortunes faded. At Evans's café in London, the two journals had "Round tables" in competition with each other.
After months of financial difficulty and a relative lack of initial market success, Punch became a staple for British drawing rooms because of its sophisticated humour and absence of offensive material, especially when viewed against the satirical press of the time. The Times used small pieces from Punch as column fillers, giving the magazine free publicity and indirectly granting a degree of respectability, a privilege not enjoyed by any other comic publication. Punch would share a friendly relationship with not only The Times but also journals aimed at intellectual audiences such as the Westminster Review, which published a fifty-three page illustrated article on Punch's first two volumes. Historian Richard Altick writes that "To judge from the number of references to it in the private letters and memoirs of the 1840s...Punch had become a household word within a year or two of its founding, beginning in the middle class and soon reaching the pinnacle of society, royalty itself".
Increasing in readership and popularity throughout the remainder of the 1840s and 1850s, Punch was the success story of a threepenny weekly paper that had become one of the most talked-about and enjoyed periodicals of its time. Punch enjoyed an audience on both sides of the Atlantic, including: Elizabeth Barrett, Robert Browning, Thomas Carlyle, Edward FitzGerald, Charlotte Brontë, Queen Victoria, Prince Albert, Ralph Waldo Emerson, Emily Dickinson, Herman Melville, Henry Wadsworth Longfellow, and James Russell Lowell. Punch gave several phrases to the English language, including The Crystal Palace, and the "Curate's egg" (first seen in an 1895 cartoon). Several British humour classics were first serialised in Punch, such as the Diary of a Nobody and 1066 and All That.
Circulation peaked during the 1940s when it reached 175,000, but slowly declined over the years, until the magazine was forced to close in 1992 after 150 years of publication.
Whereas the earlier version of Punch had prominently featured the clownish character Punchinello (a.k.a. Punch of Punch and Judy) performing various antics on each issue's front cover (in a manner later copied by Mad magazine's character Alfred E. Neuman), the resurrected Punch magazine did not use this character at all, but prominently featured on its weekly covers a photograph of a boxing glove, thus informing its readers that the new magazine intended its name to mean "punch" in the sense of a punch in the eye.
In 2004, much of the archive, including the famous Punch table, was sold to the British Library
Editors of Punch were:
Cartoonists who worked for the magazine included:


Notable authors who contributed at one time or another include Kingsley Amis, Alex Atkinson, John Betjeman, Willard R. Espy, A.P. Herbert, Thomas Hood, Douglas William Jerrold (1841-1857), James Leavey, George du Maurier, George Melly, John McCrae, A.A. Milne, Anthony Powell, W.C. Sellar and R.J. Yeatman, William Makepeace Thackeray, Sir Henry Lucy, John Hollingshead, Artemus Ward, Somerset Maugham, P.G. Wodehouse, Keith Waterhouse, Quentin Crisp, Olivia Manning, Sylvia Plath, Joyce Grenfell, E.M. Delafield, Stevie Smith, Virginia Graham, Joan Bakewell, Penelope Fitzgerald, Peter Dickinson.