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As a merchant ship
In 1715, following an engagement between a British warship and pirates off the coast of Cape Bonavista, the passing Revenge was forced ashore and its captain, Stede Bonnet, accused of piracy. Following Stede's timely rescue by Edward Kenway, the two departed for Havana. En route, Bonnet admired Kenway's adventurous life and began his dreams of being a sailor.
As a pirate ship
Three years later, in 1718, Stede took the Revenge out to open sea to fulfill his dream of becoming a pirate. The crew foolishly chose a Spanish Man O' War as the target, and during the attack, nearly half of Bonnet's crew were killed or injured. To repair the ship and to get more crew, Bonnet sailed to the pirate haven of Nassau and befriended the notorious pirate, Edward Thatch. The Revenge would later become the part of Thatch's fleet, and Bonnet and his crew served in Thatch's flagship, the Queen Anne's Revenge.
In May 1718, Thatch cut his ties with Bonnet and offered him the Revenge back. After sailing away from Thatch, Bonnet bid a final farewell to his friend and fellow pirate, Edward Kenway. Feeling confident that he had learned from Thatch, Bonnet decided to obtain a letter of marque from the governor of Saint Thomas and go privateering against Spanish ships. However, the hurricane season left the Revenge trapped in the Thirteen Colonies. The restless crew decided to go back to piracy. 
In September 1718, the Revenge attacked Royal Navy ships near the Cape Fear River in North Carolina. However, the attacking pirates were defeated by the Navy. When Bonnet tried to escape in the Revenge, he was captured by the British forces and was soon hanged for piracy. 
- The Revenge is one of the only 3 other ships that Edward gets to temporarily control that isn't the Jackdaw. The others being the Queen Anne's Revenge, the Jacobite, and the Nosso Senhor da Compreensão.