Air Europa started in 1986 (registered in Spain as Air España SA, name which is was previously known). It originally had a similar livery to Air Europe but with Air Europa titles and its aircraft were registered in Spain. It flew holiday charters from Mediterranean resorts and European cities using Boeing 737-300s and Boeing 757s as its first aircraft. It was the first Spanish private company to operate national scheduled flights (besides charter flights which used to be its main business).

When parent company ILG ceased trading in 1991 Air Europa continued profitably with a larger fleet of Boeing 737s and 757s, owned by Globalia Corporación Empresarial S.A. It signed a franchise agreement with Iberia in January 1998, but these were dissolved.

In 1994 the Madrid-Barcelona route was established, challenging Iberia on one of its most profitable routes. One year after it acquired Boeing 767 and Boeing 737 to operate flights to New York and London respectively. In 1996 Air Europa operated more than 750 scheduled flights a week and established new routes to Paris, Varadero (Cuba), Salvador da Bahia (Brazil), Asturias, Bilbao and Vigo. 

In 2007 Air Europa started two new transatlantic routes to Buenos Aires and Rio de Janeiro. The next year the airline announced that it had reserved 8 Boeing 787 Next Generation aircraft which will be added to its fleet from 2012. In 2010 it established a non-stop route between Madrid and Lima and another between Madrid and Miami, which was added to the route that had begun operating in 2009 between Tenerife and Florida. It also adds two A330-200s to its fleet in 2011. 

In 2012 -Air Europa reports a record year with respect to new routes opened, not only in Europe (Brussels, Geneva), but also in Africa (Banjul, the capital of the Gambia) and the Americas (Santa Cruz de la Sierra in Bolivia). It also formalises the acquisition of the eight Boeing 787s to be added to its fleet as of 2016. Air Europa retired its last Boeing 767 on 13 April 2012. 

The Following years the airline continues to expand and flies more rotations and new destinations to America, Africa and Europe and introduces a new plane to it's fleet in the form of the Embraer E190.  

In 2015 the airline announces that it is placing a new order with Boeing for fourteen 787-9 Dreamliners in addition to the eight B787s already acquired by the company. Flights begin between Madrid and Tel Aviv and Madrid and Asunción and the company starts its daily service to Miami using a Boeing 787. 

Also in 2015, Air Europa initiates its modernisation plan and presents its new image. The company reaches new code-share agreements with Korean Air, Avianca Brazil, Seaborne and Air Serbia. 

Now a days, It continues to fly a modern young Boeing fleet and maintain it's presence as Spain second largest carrier and a good competitor to the monopoly which Iberia held on the South American routes for decades. It offers both schedule and charter routes with a good eye on expansion.  

In January 2016, Air Europa Express launched service operations, with three-times-daily Valencia – Madrid service via Palma. Air Europa Express is a the regional carrier based at Valencia Manises Airport. It is a subsidiary of Globalia, the parent company of Air Europa, and was set as a short- and medium-haul operator to complement Air Europa’s long-haul operations.

In July 2016, moving forward to becoming an all-Boeing carrier, Air Europa announced an order for 20 Boeing B737 MAX 8s.

By 2022, all Boeing B787-9 Dreamliner’s will also be fully operational, replacing the Airbus A330 fleet and making Air Europa’s fleet one of the most modern.

In March 2018, Air Europa took delivery of its first Boeing 787-9 Dreamliner, thus commencing phase two of its fleet renovation programme, as was introduced on the Madrid-Buenos Aires sector.

On 4 November 2019, IAG (Parent company of Iberia and British Airways) announced its €1 billion acquisition of Air Europa in cash from Globalia. The brand will be retained initially within Iberia. The synergy could propel the Madrid hub into a rival to Paris, London and Frankfurt.

Now a days, It continues to fly a modern young Boeing fleet and maintain its presence as Spain’s second airline. Now with the takeover of IAG, routes and passengers’ benefits will complement each other and enable more and a better offering of routes to South America.

Source: Wikipedia and seatmaestro.com.