The airline was set up in 2005 (owned by BV Asset Management (40%), Giuseppe Gentile (40%) and Pathfinder Corporation (20%)) and started operations on 29 May of the same year with a flight from Turin to Budapest. In late 2006, an independent investment company[which?] acquired a 40% share in Air Italy. The funding of 280 million Euros was used to order three second-hand Boeing 767 aircraft in 2007 and 2008 for services to leisure destinations in Africa, the Indian Ocean and the Caribbean.
In 2007, Air Italy created Euro Mediterranean Airlines, a subsidiary based in Egypt, which initially operated a single Boeing 757-200, which was later replaced by a Boeing 737-800. In the same year, Air Italy Polska was set up as a second subsidiary, based in Poland. In 2011, it was renamed Air Poland. In September 2009, Euro Mediterranean Airlines was planned to be rebranded as Air Italy Egypt, but by the end of the year it had vanished due to financial difficulties.
On 18 July 2011, Meridiana fly announced the merger with Air Italy. The new group operated a fleet of 35 aircraft, becoming the main charter operator in the Italian market. Since 2013 the airline has been operating flights for parent Meridiana.
^"Work with Air Italy." Air Italy. Retrieved on 27 February 2010. "Air Italy Human Resources Dept. Corso Sempione 111 - 21013 Gallarate Varese (Italy) "
^"Regolamento." Air Italy. Retrieved on 18 January 2011. "La Società Air Italy s.p.a. con sede in Corso Sempione 111, 21013 Gallarate (VA) al fine di promuovere i voli da tutta Italia a Fortaleza, [...]"