The annual event was scheduled for the first weekend in May.
According to Air Force officials, the cancellation was brought on by budget cuts forced by sequestration.
Base officials continued to plan for the event in hopes that a budget agreement will be reached.
"These are challenging times" said Col. Andrew Gebara, 2nd Bomb Wing commander. "We are thankful for the tremendous support we receive from the local community that helps us continue to focus on our mission, and our people."
According to information provided from the Air Force Military Affairs Council last year, in 2011 more than 150,000 people attended the two day event.
An independent study to gauge the show's economic impact indicates it has a total impact of roughly $5 million dollars on the Shreveport / Bossier area.
No dates have been set for next year's air show.