Rickenbacker developed an early interest in internal-combustion engines and automobiles, and, by the time the United States entered World War I, he was one of the country's top three racing drivers. He entered the army in 1917 as a driver attached to General John J. Pershing's staff and drove a car for Colonel William (“Billy”) Mitchell, the noted advocate of tactical air power.

With Mitchell's help, he became a fighter pilot and was assigned to the 94th Aero Pursuit Squadron. He accumulated 26 air victories and numerous decorations, including the Medal of Honor. His war exploits are published in his book Fighting the Flying Circus (1919).

Rickenbacker returned to work in the automobile industry after the war, first with his own company and later with the Cadillac Motor Car Company. He joined American Airways in 1932, moving to North American Aviation, Inc., in 1933, and finally, to Eastern Air Lines in 1935. Rickenbacker became president, general manager, and director of Eastern three years later. After leading the company ably for many years, he resigned as president in 1959 and as director and chairman of the board in 1963.