When Does the Film “Captain America: The First Avenger” (2011) Take Place?
“Captain America: The First Avenger” is a historical fiction superhero film written by Christopher Markus with Stephen McFeely [adapting “Captain America Comics” #1 (1940) by Joe Simon with Jack Kirby, "Tales of Suspense" #77 (1966) by Stan Lee, as well as “The Avengers” #4 (1964) by Stan Lee] and released July 22nd, 2011.
It takes place on the fictional Marvel Cinematic Universe timeline in the years:
1943 AD - 1945 AD
We know this because Steve Rogers' army enlistment form is clearly dated "14 June" and also what looks like "1943". The following scene, in which Steve and James Buchanan "Bucky" Barnes attend the World Exposition of Tomorrow 1943, confirms this. The event is clearly dated by the newspaper advertisement Bucky hands Steve. (It is certainly based on the real-world 1939 New York World's Fair.) Furthermore, about a third through the movie, a "The New York Examiner" newspaper front page is held up reporting on events just previously shown in the film and dated for "WEDNESDAY, JUNE 23, 1943". We can therefore guess that the entire Captain America 'origin story' New York City portion of the narrative takes place in June of 1943 AD.
(Somewhat in contradiction, the front page of an issue of a "DAILY NEWS" newspaper held up in the recruitment office at the very beginning of the story reads "NAZIS RETAKE ZHITOMIR" and this probably refers to the moment the Nazi German 4th Panzer tank army lost control and then regained control of the town of Zhytomyr from November 12th to November 17th, 1943 AD during the Battle of Kiev in Ukraine.)
Later, Bucky undergoes a traumatic incident during an attack on a H.Y.D.R.A. train and a display at the fictional Captain America exhibit in the real-world Smithsonian Institution (apparently specifically at the National Air and Space Museum) seen early in "Captain America: The Winter Soldier" (2014) tells us this event is recorded by diegetic historians as specifically happening in 1944 AD. (Though, this display does list his birthyear as both "1916" and "1917" on different places on the same wall...)
Then, at the end of the film, Steve's compatriots are commemorating him during the famous V-E Day, which was May 8th, 1945 AD in the real world.
It’s also important to know the movie includes a frame narrative that takes place in 'the present'. We know this is 2011 AD or 2012 AD because Nick Fury gives us the time-frame of "almost 70 years" and that would mean 2015 AD. This frame must take place before the events of “The Avengers” (2012), which appear to be in the summer of 2012 AD, because that film refers to the events of this one.
1945 + 70 = 2015.
Additionally, there’s a quick prologue introducing the villain which takes place in March 1942 AD, clearly labeled with a time and place setting title card over the footage at the beginning of the scene reading "TØNSBERG, NORWAY MARCH 1942". There appears to be no way to confirm this by context.
This Geekritique article and video examines its exact setting.
It is the chronologically earliest film in the Marvel Cinematic Universe (a first chronological film to feature Steve Rogers/Captain America, Peggy Carter, and Bucky Barnes) and can be watched either at its timeline point, as an extended flashback between "Thor" (2011) and "The Avengers" (2012) [with or without the "Agent Carter" (2015) TV show season one and with or without the "Agent Carter" (2013) short film], or entirely separately.