The Rialto Theatre in downtown Boone was completely destroyed in September 1966, when a large fire engulfed the building, damaged two adjacent businesses, and required help from firefighters from the nearby communities of Ames and Ogden. Less than a year later, in August 1967, the fully rebuilt Boone Theatre made its debut in the same location. The 470-seat theatre was considered one of the finest in the midwest, featuring a large screen and colorful red, black, and white interior design.

At time of construction the theatre was locally owned by the Boone Theatre Corporation; the single-screen movie house was sold to Iowa chain Fridley Theatres before changing hands again in 2008. The theatre, which has up to four shows daily, is now owned by Big Time Cinema.