In late 1941, Captain America & Bucky, the Human Torch & Toro, and Namor founded the Invaders, dedicated to combating the Nazi forces in Europe. After Captain America and Bucky seemingly perished in mid-1945, President Harry S Truman appointed William Naslund and Fred Davis to the roles of Captain America and Bucky, assigning both to the Invaders, along with Miss America and the Whizzer.
In 1946, with the war over, the seven heroes decided to remain together and fight crime in the U.S.; Miss America chose the name All-Winners Squad, as Invaders was no longer appropriate. In their first known adventure they faced the criminal genius Isbisa, who turned the team against Namor by framing him as his cohort. He then split the team up to face his minions across the country so that he would be free to steal an atomic bomb. However, the All-Winners eventually realized that Namor had been framed and regrouped to bring down Isbisa.
That same year the All-Winners faced Adam-2, an evil android created by the Torch's creator Phineas T. Horton. Adam-2, who named himself as the successor to the Biblical Adam, designed a robot army; he planned to assassinate John F. Kennedy and replace him with one of his robots. During the adventure, Naslund was crushed to death by one of Adam-2's robots, and Jeff Mace, formerly the crime-fighter known as the Patriot, donned a spare Captain America costume to replace him. The All-Winners were able to save Kennedy's life, and Adam-2 was destroyed while attempting to escape. Jeff Mace continued the role of Captain America and joined the All-Winners.
Soon afterwards the All-Winners faced the menace of the Future Man, a time traveler from the year 1,000,000 A.D. who sought to destroy humanity in the 20th century to allow his dying people a new home in the past. The Future Man allied himself with Madame Death, an underworld figure with international contacts. The All-Winners divided their forces across the globe, battling the Future Man and Madame Death on every continent. Facing defeat, the Future Man and Madame Death attempted to use his time machine to return to 1,000,000 A.D. and obtain reinforcements, but Jeff Mace had damaged the machine so that it could only go backwards in time, stranding the two villains.
Details of the All-Winners' later exploits are sketchy. At one point they admitted the crime-fighter Blonde Phantom into their ranks, and she aided them against Isbisa in an unrecorded adventure. In late 1946, the team of eight heroes opposed Dutch Rosenblatt, a gangster trying to steal an atomic bomb. Rosenblatt was assisted by the time-traveling She-Hulk, who had journeyed back to learn where Rosenblatt had hidden the bomb so that she could recover it in her own time; she was forced to fight the All-Winners in order to maintain her cover.
The All-Winners are known to have remained together into the late 1940s, when an encounter with the Destroyer (Roger Aubrey), Union Jack (Brian Falsworth), and the Angel (Thomas Halloway) inspired those three men to eventually create their own superhuman team, the V-Battalion. The exact circumstances under which the All-Winners Squad disbanded are not known.