RAF Daws Hill will be sold off – paving the way for a new housing estate.
The 67 bungalow site has been put on the market by the Ministry of Defence.
Servicemen, women and their families living on the base will be re-housed, the MoD said.
The MoD said it was disposing of land it no longer requires and ‘this made good business sense for defence operations and to the taxpayer’.
An MoD spokesman said: “The MOD is disposing of land it no longer requires and has decided to include an area of land that contains some service properties - as that will significantly increase the value of the site.
“Service personnel and their families have been consulted and will be offered suitable alternative accommodation and financial assistance to move.”
The site, which was bought by the MoD in 1942, was used as a visiting base for US forces, housing an American school, a bowling alley, shops and workshops.
But the 20 hectare base has been mainly used for storage in recent years, leading to the MoD’s decision to sell it off.
The Daws Hill area has previously been earmarked as a potential site for new homes by Wycombe District Council.