Laid down in September 1943, the Princeton was launched 8 July 1945 and commissioned on the 18 November, 1945 under the command of Captain John M. Hoskins. After brief deployments with the 7th and 8th Fleets, she was decommissioned on the 20th June, 1948 and was placed in the Pacific Reserve Fleet.

With the outbreak of hostilities in Korea, the Princeton was recommissioned on the 28th August 1950. She joined Task Force 77 as Air Group 19. Air Group 19 served two tours, November 1950 to May 1951 and March 1952 to November 1952.

Princeton as CVA-37, returned to Korea in February 1953, and until September, when she got underway for San Diego. In January 1954, she was converted and reclassified CVS-37. She was used for antisubmarine/Hunter-Killer (HUK) training operations until early 1958. She was once agian converted and reclassified as an amphibious assault carrier, LPH-5 in March 1959. She resumed her training duties, this time with the Marines. With the involvement of the United States in Vietnam, Princeton returned to active duty, joining the Pacific Fleet's Ready Group in operations against North Vietnamese and Viet Cong forces. Combat operations continued until December 1968. On 26 May, Apollo 10 astronauts Thomas P. Stafford, USAF; John W. Young, USN; and Eugene A. Cernan, USN, were recovered by a helicopter from HS-4 off Princeton after their eight-day orbit of the earth.

The Princeton received eight battle stars for service during the Korean Conflict.

After two and a half decades of service, Princeton was decommissioned and stricken from the Naval Vessel Register on the 30th January, 1970. She was sold for scrapping in May 1971.