The idea of forming CONVIASA as the Venezuelan Flag Airline began to take shape in May 2001, with the purpose of dynamically channeling the incorporation of the population to the development of the Bolivarian Republic of Venezuela; thus contributing to the growth of the economy and sustainable tourism, through the operation of the national and international air transportation service for passengers, cargo and mail. In December 2002, this project was halted. It was taken up again on October 1, 2003, under the tutelage of the now defunct Ministry of Production and Commerce.

On March 30, 2004, CONVIASA was created by means of 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 the same year. The Venezuelan Consortium of Aeronautical Industries and Air Services (CONVIASA), made the first flight with the aircraft model DASH-7, Venezuelan initials YV-1169, on November 28, 2004, from the Caracas Airport "Oscar Machado Zuloaga" to the International Airport of the Caribbean Santiago Mariño, in Porlamar, Nueva Esparta State, being certified as a commercial airline, taking off later to the Island of Grenada. On December 10, 2004, Aerolínea Bandera de Venezuela formally began its domestic and international flight operations.

On June 22, 2018, through Decree No. 3,483, published in the Extraordinary Official Gazette No. 6,385, Col. Ramón Celestino Velásquez Araguayán assumed the Presidency of CONVIASA. The social airline at the service of the Venezuelan people: CONVIASA is part of the entities attached to the Ministry of People's Power for Transportation. The Venezuelan flag airline is committed to the Venezuelan people, contributing to the economic growth of Venezuela, increasing sources of employment and promoting the development of inbound tourism.