The idea to create a community radio station in the Falmouth and Penryn area goes back to 2006, when Russell Clarke, Source FM director, made a successful license application to Ofcom. Source FM first aired on February 28 February 2009 with a strong focus on Cornish events and music, broadcasting over 100 hours of original programming every week. A year later in 2010 Source FM had over 100 volunteer presenters ranging in age from 8 to 80 years old, presenting 56 programmes every week broadcasting live from 9am until 11pm every day. Programmes range from soul music to rock, hip hop and dubstep, depending on the time and day. All shows are written, presented and recorded entirely by volunteers. While the majority of shows are music-based, there are also original comedy shows, topical debate shows such as Running With Wolves and specialist LGBT programming in the form of 'The Rainbow Source' and many others. Source FM is also responsible for creating a community produced radio drama 'Carrick Roads'. Throughout 2013, Source FM hosted six live music events in Kimberley Park, Falmouth called Parklive.
Source FM is broadcast on FM frequency 96.1, available throughout Falmouth and Penryn. At first, Source FM was broadcast from the University College Falmouth, Tremough campus. Currently Source FM has its own studios in Tregenver Road, Falmouth. The webstream via the Listen Live feature on the website has been available since the launch of the station, and is accessible worldwide. In early 2012 Source FM joined the Radioplayer Internet streaming service founded by the BBC and The Guardian. Podcasts of the radio shows are also available on Source FM's website.
Source FM won the 'Investor in Work Related Learning' award, for delivering a weekly radio club for Falmouth Primary Schools. Source FM also broadcast Cornwall's first LGBT radio show, Rainbow Source, every Wednesday. Source FM also help deliver training with two local education providers, Adult Education Falmouth and University College Falmouth. They co-deliver a certificate in Radio Production with Adult Education Falmouth, and, with University College Falmouth, they co-deliver a Foundation Degree in Radio Production.