[4][5] Founded in April 1992 to take advantage of the deregulation of Bolivia's air transport, it started flying on 24 August that year between Santa Cruz and Potosí.

Since 2008, AeroSur became Bolivia's flag carrier following the demise of the country's main airline, Lloyd Aéreo Boliviano, which eventually ceased operations in 2010.

[11] On August 24 1992, AeroSur commenced its operations with an inaugural flight between Santa Cruz de la Sierra and Potosí using a Let L-410 Turbojet short-range aircraft.

[3] Regular revenue flights on regional routes soon followed as the airline then acquired several Fairchild Swearingen Metroliner and British Aerospace 146 aircraft.

In 2004, AeroSur had started to operate nostalgic flights with a Douglas C-117 to tourist destinations such as the Salar de Uyuni and Rurrenabaque, both of which are internationally recognized.

When Lloyd Aéreo Boliviano went bankrupt in 2007, AeroSur became the largest airline of Bolivia and the only one with intercontinental flights (to Central and North America as well as to Europe).

A preserved Lockheed L-1049 Super Constellation nicknamed Avion Pirata was painted with the AeroSur livery, although it never entered in service with the airline.