The first and most important series of The London Magazine appeared between 1820 and 1824, during which time it was edited by John Scott and John Taylor. Established in an era of rapid development and experimentation in periodical publishing, Scott aimed to provide a mixture of essays, poems, criticism and general comment that were both fair and independent.

Dominated by mainly pseudonymous contributors, in this, its first series, The London Magazine was richer in authors and literary content than any other magazine. The material was characterized by a lively humour and urbane and sophisticated prose style ameliorated to a large extent by Scott's own editing and writing talents. Many important works were first published in its pages, including Lamb's Elia essays, Hazlitt's Table-Talk, and De Quincey's Confessions of an Opium-Eater.

When Scott was killed in a duel in 1821 arising from a series of fierce disagreements with rival Blackwood's Magazine,The London Magazine continued under the editorship of John Taylor, and remained without peer until 1824.

In a time when the literature of the day depended a great deal on the reaction and response of the leading journals, The London Magazine stands out as one of, if not the most important journal of the nineteenth century.