The airline was established in March 1994 and started operations in April of the same year with international flights from Kyiv in co-operation with Air Ukraine.

[4] The airline was established on 25 March 1994, and started operations in April that year with flights from Kyiv to Athens, Larnaca, Tel Aviv, Odesa and Thessaloniki in co-operation with Air Ukraine.

In October of the same year, the carrier started dry-leasing some Boeing 737-200s in connection with the addition of Moscow into the route network.

[6] In 1995, new scheduled flights from Kyiv to Almaty, Ashgabad, and Riga were launched, laying the foundations for it to become a transit airline.

Soon after, the company received the JAR-145 certification for performing in house maintenance works in accordance with the European Joint Aviation Authorities' requirements.

With the onset of 2004, Aerosvit increased the number of weekly flights it operated to Bangkok to three and an additional Boeing 737-300 was added to the fleet.

Route expansion continued as before, and over the course of the year the number of Aerosvit-operated domestic flights across Ukraine expanded to eleven destinations.

However, expansion did not just take place on the domestic market, as Aerosvit introduced new routes from its base in Kyiv, to Beijing, Baku, Chisinau, Cairo, and St. Petersburg.

Aerosvit's ninth Boeing 737 mid-haul aircraft started operating in 2005, with a tenth being added to the fleet soon after.

[18] In 2007, thanks to cooperation with Delta Air Lines, the number of destinations in the United States increased, allowing onward travel from New York to cities such as Los Angeles and Portland.

[30] In 2010, Aerosvit added a second Antonov 148 aircraft to its fleet and new routes including Odesa-Kaliningrad, Simferopol-Kaliningrad, Donetsk-Saint Petersburg, Odesa-Riga, and Dnipro-Berlin were opened (largely with the cooperation of its sister companies Dniproavia and Donbassaero).

[34] Ho Chi Minh City was added to the route network in December 2011 (2011-12), becoming the first direct air link between Ukraine and Vietnam.

[42] After the bankruptcy proceedings were announced, the carrier's aircraft were detained at various airports,[48] leaving hundreds of passengers stranded.

[38] It was disclosed in mid-February 2013 (2013-02) that the company planned to cut about 1,800 jobs by March 2013 (2013-03), including all the Boeing 737-related staff that had already been dismissed.

[52] Despite indications in mid-January[53] that Aerosvit would continue to fly between Kyiv and Bangkok, Beijing, Dnipro, Ivano-Frankivsk and New York, the suspension of medium- and short-haul routes was announced, with plans to reestablish services to Bangkok, Beijing and New York in April 2013 (2013-04);[54] however, as of April 2013[update], the airline ceased long-haul services as well.

From 1994 to 2004, AeroSvit Airlines organized charter programs and performed single ad hoc flights for various customers.

The tail was white with a blue bird wing inside the yellow circle and the small Ukrainian flag at the top.