The festival began in 2002 and in 2010 saw 20,000 visitors. 2011's festival was cut to one day due to inclement weather but organizers estimated the attendance was similar to the year before. Phillips told the Gardendale City Council in May 2011 that plans were underway to change the date of the festival, as it falls on the same weekend as Alabama and Auburn's A-Day games, and the Aaron's 499 race at Talladega Superspeedway.
In 2019, the sixth annual Magnolia Festival 5k and one-mile fun run featured a color race instead of a traditional run. The proceeds from the race were designated for Magic Moments to grant a special wish to a child facing serious health issues.
In 2020, the festival was cancelled due to the coronavirus pandemic.
- Osburn, Lisa (May 4, 2011) "Magnolia Festival rated success despite weather." Birmingham News
- Davis, Rachel (April 26, 2019) "Color Race to benefit Magic Moments kicks off Magnolia Festival" North Jefferson News