The airline was established in 1992 from the former Aeroflot Volgograd Division. Originally it was known as Volga Airlines, which was later changed to Volga-Aviaexpress (), before once again adopting a new name, Air Volga. On 1 April, 2010, Air Volga declared bankruptcy. Its fleet of four Bombardier CRJ200 (seating 50 passengers) and most routes (including the Volgograd base) were taken over by RusLine.
Air Volga operated scheduled flights to the following destinations: