The Illustrated Adelaide News was published by brothers Samuel and Septimus Frearson. Samuel Frearson first worked for the Adelaide bookseller Charles Platts and took over the business when Platts retired. Moving to a larger building in Rundle Street, he was joined by his brother Septimus and later the youngest Frearson brother, Robert. A further move to King William Street saw the brothers adding printing and lithography to their business. From 1872 they were the printers of Duncan Moodie's comic paper, the Portonian, and so in 1875 the publishing of their own newspaper was a natural progression.

In its introductory editorial the Illustrated Adelaide News pointedly stated that although there was already one illustrated newspaper in Adelaide, 'we hope in this case to identify ourselves more with the colony'. (The opposition newspaper was WA Cawthorne's Australasian Sketcher.) Frearson's newspaper not only lived up to its promise of local content,but was also an innovative pictorial newspaper.

However, initially the newspaper contained more illustrations of interstate scenes and events than local material. The publishers advertised their willingness to accept the work of local artists and engravers - on approval. Edward Savill ('Cerberus'), a contributor to local comic papers, was the major illustrator, with the addition of work by Charles Hill, proprietor of an art school on South Terrace. But in March 1875 a letter from 'Yabber' to the South Australian Chronicle complained about the quality of Frearsons' illustrations - the quality improved noticeably from this time. From its second year the quantity of local subject matter also increased. Other illustrators included Alfred Clint, the Frearsons' nephew, Caleb Dalwood ('Penstone') and H.J. Woodhouse.

 Liteary content included serials by local writers Maud Jean Franc and Sydney Marrett and poems by Robert Bruce and George Loyau.

Initially the editorial stance of the newspaper was liberal in tone, for example supporting Chinese immigration (June 1875, p. 3) and workers' movements such as the Eight Hours movement. But from mid-1877 there appears to have been a change of editor, with phrases such as 'the Chinese invasion' being used. In January 1879 the editor claimed that the Illustrated Adelaide News was responsible for having introduced the issue of government funding of the arts into the public arena.

From late 1879 the newspaper took a more sensational approach, publishing reports of lurid murders and grisly events such as a double suicide at Gawler and the 'Froude mystery' as well as the adventures of the Kelly gang and other interstate bushrangers.

In 1878 the Frearson brothers began publishing a second, more satirical, comic style newspaper, Frearson's Weekly Illustrated, which possibly influenced the content of the older title. In 1880 the title of the Illustrated Adelaide News was changed to Frearson's Monthly Illustrated Adelaide News and the content changed further.