The concert was conceived as a follow-on to another Geldof/Ure project, the successful charity single "Do They Know It's Christmas?", performed by a collection of British and Irish music acts billed as 'Band Aid' and released the previous winter.

The concert grew in scope, as more acts were added on both sides of the Atlantic. As a charity fundraiser, the concert far exceeded its goals: on a television programme in 2001, one of the organisers stated that while initially it had been hoped that Live Aid would raise £1 million with the help of Wembley tickets costing £25.00 each, the final figure was £150 million (approx. $283.6 million). Partly in recognition of the Live Aid effort, Geldof received an honorary knighthood. Music promoter Harvey Goldsmith was also instrumental in bringing the plans of Geldof and Ure to fruition.

The concert began at 12:00 BST (7:00, EST) at Wembley Stadium in the United Kingdom. It continued at JFK Stadium in the United States, starting at 13:51 BST (8:51, EST). The UK's Wembley performances ended at 22:00 BST (17:00 or 5:00 PM, EST). The JFK performances and whole concert in the US ended at 04:05 BST July 14 (23:05 or 11:05 PM, EST). (See the full schedule of the concert here). Thus, the concert continued for 16 hours, but since many artists' performances were conducted simultaneously in Wembley and JFK, the total concert's length was much longer.

It was the original intention for Mick Jagger and David Bowie to perform an intercontinental duet, with Bowie in London and Jagger in Philadelphia. Problems of synchronization meant that the only remotely practical solution was to have one artist, likely Bowie at Wembley, mime along to prerecorded vocals broadcast as part of the live sound mix for Jagger's performance from Philadelphia. Veteran music engineer David Richards (Pink Floyd and Queen) was brought in to create footage and sound mixes that Jagger and Bowie could perform to in their respective venues. The BBC would then have had to ensure that those footage and sound mixes were in synch while also performing a live vision mix of the footage from both venues. The combined footage would then have had to be bounced back by satellite to the various broadcasters around the world. Due to the time lag (the signal would take several seconds to be broadcast twice across the Atlantic Ocean) Richards concluded there would be no practical way for Jagger to be able to hear or see Bowie's performance, meaning there could be no interaction between the artists, which would defeat the whole point of the exercise. On top of this both artists objected to the idea of miming at what was perceived as an historic event. Instead, Jagger and Bowie worked with Richards to create a video clip for the song they would have performed, a cover of "Dancing in the Street". The video was shown on the screens of both stadiums and also broadcast as part of many TV networks coverage.

Each of the two main portions of the concert ended with their particular continental all-star anti-hunger anthems, with Band Aid's "Do They Know It's Christmas?" closing the UK concert, and USA for Africa's "We Are the World" closing the US concert (and thus the day's proceedings).

Concert organizers have subsequently said that they were particularly keen to ensure that at least one surviving member of The Beatles, ideally Paul McCartney, took part in the concert as they felt that having an 'elder statesman' from British music would give it greater legitimacy in the eyes of the political leaders whose opinions the performers were trying to shape. McCartney agreed to perform and has said that it was "the management" – his children – that persuaded him to take part. In the event, he was the last performer (aside from the Band Aid finale) to take to the stage and one of the few to be beset by technical difficulties; his microphone was turned off for the first two minutes of his piano performance of "Let It Be", making it difficult for television viewers and impossible for those in the stadium to hear him. He later jokingly thought about changing the lyrics to "There will be some feedback, let it be".

Phil Collins performed at both Wembley Stadium and JFK, utilising Concorde to get him from London to Philadelphia. UK TV personality Noel Edmonds piloted the helicopter that took Collins to Heathrow Airport to catch his flight. Aside from his own set at both venues, he also provided drums for Eric Clapton and the reunion of the former members of Led Zeppelin at JFK. On the Concorde flight, Collins encountered actress and singer Cher, who later claimed not to know anything about the Live Aid concerts. Upon reaching the USA however she did attend the Philadelphia concert and can be seen performing as part of that concert's We Are the World finale.

An official book was produced by Bob Geldof in collaboration with photographer Denis O'Regan.

"It's twelve noon in London, seven AM in Philadelphia, and around the world it's time for; Live Aid ...." Richard Skinner opening the show.

The concert was the most ambitious international satellite television venture that had ever been attempted at the time. In Europe, the feed was supplied by the BBC, whose broadcast was opened by Richard Skinner, co-hosted by Andy Kershaw, and included numerous interviews and chats in between the various acts. The BBC's television sound feed was mono, but the BBC Radio 1 feed was stereo and was simulcast in sync with the TV pictures. Due to the constant activities in both London and Philadelphia, the BBC producers omitted the reunion of Crosby, Stills, Nash & Young from their broadcast. The BBC, however, did supply a 'clean' feed to various television channels in Europe.