Rabaul was laid down 2 January 1945 by Todd Pacific Shipyards, Tacoma, Washington, launched 14 June 1945, sponsored by Alice Schade (wife of naval architect Henry A. Schade), completed by the Commercial Iron Works, Portland, Oregon, and delivered to the Navy 30 August 1946.
Accepted by Commander, 19th Fleet (Pacific Reserve Fleet), Rabaul was berthed at Tacoma. Reclassified CVHE-121 in June 1955, she was transferred to the San Diego Group, Pacific Reserve Fleet in June 1958 and reclassified AKV-21 in May of the following year. She remained in reserve at San Diego until 1 September 1971 when she was struck from the Naval Vessel Register. Rabaul was sold to the Nicolai Joffe Corporation of Beverly Hills, California, for scrapping.