The airline was established on 21 February 2002 from the cargo operation of the defunct Canada 3000 airline. Former Canada 3000 executive Ajay Virmani had purchased shares of the department in 2001 and 2002, becoming the Chief Executive and President of Cargojet. The airline started operations as Cargojet in June 2002, and in July of the same year it acquired Winnport Logistics.
In May 2019, Cargojet announced a partnership with Canadian rapper Drake, naming him an ambassador to the brand.
