By the way, are missiles even worth the time and effort? Last time I built one it wouldn't do anything.
I have found missiles to be the most effective way to bring a country to its knees. I reduced the UK to only 10 ICs using a concerted build of V1 and V2 rockets. While there is some minimal manpower lost for every missile shot off, they achieve much better damage results than possible with bombers because you can easily build many, many more missiles than bombers and they don't suffer the damage that bombers do. A very long campaign of strategic bombing using airplanes will leave you with a huge reinforcement bill (bigger still if enemy has intercepters) even if you succeed in seriously crippling the enemy country. Missiles are so horribly effective (and no counter measures possible) they should have been banned by the UN.
When I attacked USA I used the next generation of V2-3 (ICBMs) to take out all of the Yank's AA thereby sparing my bombers from having to attack that first.
Why did your missile not fire? Were you at war with anyone? Was it in range of any target? Did you give it time to gather some organization? It does not have to have full ORG to fly, but has stronger effect if it is. But - if it was under 50% ORG and your air mission slider is at the usual 50% setting - then it will not fly.
There are only two things you can do with a missile:
1) You can strategically redeploy it to a closer airbase if you placed it too far back.
2) You can mission it to do "strategic bombardment" on enemy. This is actually better refered to as a strategic "strike" since each missile only has one flight. It will fly a few hours after you give the mission order. Just watch it. They produce pretty explosions in target.
HINT: Always check enemy target to pick ones with high number of factories then target missile to that province. If you target a whole region, the missile will often be wasted on low priority target.
OTHER HINT: NEVER, Never put missile on airbase you use for aircraft. It will prvent you combining aircraft into sets of four.
When missile hits it severly damages factories, resources, infrastructure and installations like AA and Radar. But it will not do any damage to airbases - which is simply very wrong. (playing 1.05)
Happy fireworks!
EDIT: My Russia has - by 1953 - shot off 40,300 missiles. I have build and got ready another 40 units of ICBMs spread across Russia to use on Japan, and am building about 20 more units so I will have about 1 ICBM for every AA they got. My bombers won't take any damage from that threat and can immediately go into Interdiction roles.