The film was first announced after the outstanding success of various Marvel Films. Both Marvel Enterprises and Paramount Pictures will finance with Paramount distributing the film. The story will center on unassuming Army officer Steve Rogers volunteering for a top secret research project that turns him into Captain America, a superhero dedicated to defending America's ideals.

Jon Favreau was interested in directing the film as a comedy, but decided to direct Iron Man instead. Avi Arad says that the film would take place in both World War II and modern day. Arad has a director and leading actor in mind for Captain America, but has declined to say whom. David Self was hired to write the script.

On May 5, 2008 during Marvel's Quarter 1 webcast, it was announced that the Captain America film has a working title of the First Avenger: Captain America and will be released on May 6, 2011.