Free Lunch was published by Free Lunch Arts Alliance, an Illinois non-profit corporation. It appeared twice a year since 1989 and ceased publication in 2009. Free Lunch published works across the spectrum of contemporary poetry, from experimental to formal, lyric to prose poems.

The editor was especially interested in the work of unpublished poets. In addition to unpublished and lesser-known poets, the magazine has published the work of such noted poets as Neal Bowers, Jared Carter, Billy Collins, Stephen Dunn, Dave Etter, Donald Hall, Lyn Lifshin, Eve Merriam, Robert Peters, David Ray, F.D. Reeve, Cathy Song, and Barry Sparks.

The magazine published a "Mentor Series," in which a well-known poet introduced a new or relatively unknown poet's work. The editor selected the mentors in the series, so there was no means for a poet to apply for this. Such poets as Wanda Coleman, Billy Collins, James Dickey, Stephen Dunn, Carolyn Forché, Dana Gioia, Donald Hall, Edward Hirsch, Kenneth Koch, Maxine Kumin, James Reiss, Charles Simic, David Wagoner, and Miller Williams have served as mentors.

When space permited, the magazine provided free ads for poets it published, running such ads concurrently with a poet's appearance in the magazine.

Free Lunch sought to give all serious poets living in the U.S. a free subscription. These free subscriptions were given on the basis of poetry submitted to the magazine, whether or not the submissions were accepted for publication.

The editor attempted to comment on all submissions. He also frequently asked for revisions and worked with poets toward realizing their intentions.

Beginning with Issue 25, one poem from every issue of the magazine received the Rosine Offen Memorial Award of $200. The judges were the Board of Directors of Free Lunch Arts Alliance. There was no entry form or entry fee for the award.

From time to time, Free Lunch published a "Reprise" series, in which the work of an American poet from the past, who had been overlooked or dismissed by the poetry establishment, was examined and featured.

Occasionally the editor published a special issue, organized around a particular concept or segment of the poetry-writing public. For example, past issues have focused on protest poetry, prisoner poetry, and poems that do not contain the first-person personal pronoun in any of its manifestations. In one issue, the editor published poems without the identification of the poets. In another, a "secret poet" issue, the editor did not know the names of the poets whose works were presented.