USS Cabot was laid down as Wilmington (CL-79), a Cleveland-class light cruiser, redesignated CV-28 on 2 June 1942, renamed Cabot on 23 June 1942 and converted while building. She was launched on 4 April 1943 by New York Shipbuilding Company, Camden, New Jersey; sponsored by Mrs. A. C. Read. She was reclassified CVL-28 on 15 July 1943 and commissioned on 24 July 1943, with Captain Malcolm Francis Schoeffel in command.

 World War II (1943-1945)

Cabot sailed from Naval Air Station Quonset Point, Rhode Island with Air Group 31 aboard, on 8 November 1943 for Pearl Harbor, where she arrived on 2 December. Clearing for Majuro on 15 January 1944, she joined TF 58 to begin the consistently high quality of war service which was to win her a Presidential Unit Citation. From 4 February to 4 March 1944, she launched her planes in strikes on Roi, Namur, and the island stronghold of Truk, aiding in the neutralization of these Japanese bases as her part in the invasion of the Marshalls.

Cabot returned to Pearl Harbor for a brief repair period, but was back in action from Majuro for the pounding raids on the Palaus, Yap, Ulithi, and Woleai at the close of March 1944. She sailed to provide valuable air cover for the Hollandia (currently known as Jayapura) operation from 22–25 April, and 4 days later began to hurl her air power at Truk, Satawan, and Ponape. She cleared Majuro again on 6 June for the preinvasion air strikes in the Mariana Islands, and on 19 and 20 June launched sorties in the key Battle of the Philippine Sea, the famous "Marianas Turkey Shoot", which hopelessly crippled Japanese naval aviation. Cabot's air group 31 pounded Japanese bases on Iwo Jima, Pagan, Rota, Guam, Yap and Ulithi as the carrier continued her support of the Marianas operation until 9 August.

Preinvasion strikes in the Palaus in September 1944 along with air attacks on Mindanao, the Visayas, and Luzon paved the way for the long-awaited return to the Philippines. On 6 October, Air Group 29 relieved Air Group 31, and Cabot sailed from Ulithi for raids on Okinawa to provide air cover for her task group during the heavy enemy attacks off Formosa on 12 and 13 October. Cabot joined the group which screened "Cripple Division 1", Canberra and Houston which had been torpedoed off Formosa, to the safety of the Carolines, then rejoined her group for continued air strikes on the Visayas, and the Battle of Leyte Gulf on 25 and 26 October.

Cabot remained on patrol off Luzon, conducting strikes in support of operations ashore, and repelling desperate kamikaze attacks. On 25 November, a particularly vicious one occurred. Cabot had fought off several kamikazes when one, already flaming from hits, crashed the flight deck on the port side, destroying the still-firing 20 mm gun platform, disabling the 40 mm Mounts and a gun director: Another of Cabot's victims crashed close aboard and showered the port side with shrapnel and burning debris. 62 men were killed or wounded but careful training had produced a crew which handled damage control smoothly and coolly. While she continued to maintain her station in formation and operate effectively, temporary repairs were made. On 28 November, she arrived at Ulithi for permanent repairs.

Cabot returned to action on 11 December 1944, steaming with the force striking Luzon, Formosa, Indo-China, Hong Kong, and the Nansei Shoto in support of the Luzon operations. From 10 February to 1 March 1945, her planes pounded the Japanese homeland and the Bonins to suppress opposition to the invasion of Iwo Jima. Continued strikes against Kyūshū and Okinawa in March prepared for the invasion of the latter island. After these prolonged, intensive operations, Cabot was homeward bound for San Francisco for a much-needed overhaul completed in June.

After refresher training at Pearl Harbor with Air Group 32 aboard, the carrier launched strikes on Wake Island on 1 August while en route to Eniwetok. Here she remained on training duty until the end of the war. Sailing on 21 August, she joined TG 38.3 to support the landings of occupation troops in the Yellow Sea area in September and October. Embarking homeward-bound men at Guam, Cabot arrived at San Diego on 9 November, then sailed for the east coast. Cabot was placed out of commission in reserve at Philadelphia on 11 February 1947.