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Established as a joint venture by Aekyung Group and the Jeju Island government on January 25, 2005, Jeju Air became Korea's first low-cost airline. In 2016, it helped found Value Alliance, the world's first pan-regional low-cost carrier alliance, comprising eight Asia Pacific LCCs. In 2017, Jeju Air carried over 60 million passengers, with revenue reported of $890mm US operating profits over $80mm US.
Jeju Air flight operations were affected by the coronavirus outbreak. In August 2021, Jeju Air sold stock for raising $180 million for financing operations.
