The idea of forming CONVIASA as the Flag Airline of Venezuela began to take shape in May 2001, with the purpose of dynamically channeling the incorporation of the population into the development of the Bolivarian Republic of Venezuela; thus contributing to the growth of the economy and tourism sustainable, through the exploitation of the national and international passenger air transport service, cargo and mail. In December 2002 this project was stopped. It was resumed on October 1, 2003, under the guardianship of the disappeared Ministry of Production and Commerce.

On March 30, 2004, CONVIASA was created through Decree No. 2,866, signed by the President of the Bolivarian Republic of Venezuela, Hugo Chávez Frías, published in the Official Gazette No. 37,910, on March 31 of that same year. The Venezuelan Consortium of Aeronautical Industries and Services Aéreos (CONVIASA), made the first flight with the DASH-7 aircraft model, with the Venezuelan acronym YV-1169, the November 28, 2004, from the Caracas Airport "Óscar Machado Zuloaga" heading to the Airport Santiago Mariño Caribbean International, in Porlamar, Nueva Esparta state, being certified as a line commercial air, taking off later towards the Island of Grenada. On December 10, 2004, Bandera Airline of Venezuela, formally begins its national and international flight operations.

On June 22, 2018 through Decree No. 3,483, published in the Extraordinary Official Gazette No. 6,385, Col. assumes the Presidency of CONVIASA. Ramón Celestino Velásquez Araguayan. The social airline at the service of the Venezuelan people: CONVIASA is part of the entities attached to the Ministry of Popular Power for Transportation. The Bandera de Venezuela Airline is committed to the Venezuelan people, contributing to the economic growth of Venezuela, increasing source of employment and promoting the development of tourism responsive.