From 1988 to 2012 the Squadron held an annual Reunion in June at Waterbeach Barracks hosted by the Royal Engineers. A service of remembrance was held in the parish church, and the BBMF Lancaster made a flypast over the former RAF airfield.
In 2013, following the barracks' closure, a reunion was held in the village on 15 June with the Lancaster flypast over the Recreation Ground.
In 2015 a Reunion was again held in Waterbeach Barracks in a new community building provided by Urban&Civic.
The 514 Squadron Association and the Army established a Museum in Waterbeach Barracks in 1985. This museum closed in September 2012, as the Barracks closed permanently in March 2013, although the contents have been saved. It expected that the new Waterbeach Military Heritage Museum will return to its building at the Barracks, and re-open in early summer 2016.
Flintham, Vic and Andrew Thomas. Combat Codes: A full explanation and listing of British, Commonwealth and Allied air force unit codes since 1938. Shrewsbury, Shropshire, UK: Airlife Publishing Ltd., 2003. ISBN 1-84037-281-8.
Halley, James J. The Squadrons of the Royal Air Force & Commonwealth 1918–1988. Tonbridge, Kent, UK: Air Britain (Historians) Ltd., 1988. ISBN 0-85130-164-9.
Hamlin, John F. & Oliver J. Merrington At the 'Beach: the story of Royal Air Force Waterbeach and Waterbeach Barracks. Peterborough: GMS Enterprises, 2011. ISBN 1-904514-63-4
Hepworth, Simon and Porrelli, Andrew. 'Striking Through Clouds, The War Diary of No. 514 Squadron, RAF'. Zug, Switzerland. Mention The War! Publications 2014. ISBN 1495440486
Jefford, Wing Commander C.G., MBE, BA, RAF(Retd.). RAF Squadrons, a Comprehensive record of the Movement and Equipment of all RAF Squadrons and their Antecedents since 1912. Shrewsbury, Shropshire, UK: Airlife Publishing, 1988 (second edition 2001). ISBN 1-85310-053-6.
Moyes, Philip J.R. Bomber Squadrons of the RAF and their Aircraft. London: Macdonald and Jane's (Publishers) Ltd., 2nd edition 1976. ISBN 0-354-01027-1.