The airline was founded as Aerolíneas del Sur in 2004 by Grupo Marsans and started operations in December 2004, after receiving approval from the Chilean civil aviation authorities in November 2004. It is wholly owned by Grupo Marsans. In the Fourth Quarter of 2007 it was renamed Air Comet Chile, acting as the sister airline of the Spanish airline Air Comet. It was at that time Chile's third biggest airline.
The airline ceased operation on October 31, 2008, and filed for bankruptcy protection on December 18, 2008. Some of Air Comet Chile airplanes are operated now by Aerolínea Principal.