The two-day spectacular on September 6-7 will include a free airshow and family fun day on the Low Green in Ayr on the Saturday, followed on Sunday by a paid entry static display of aircraft and exhibition stands at Glasgow Prestwick airport.
Highlights will include flypasts by a Lancaster, Hurricane and Spitfire in the Battle of Britain Memorial Flight, a helicopter display, a Vulcan bomber - which once carried nuclear bombs - and a team of parachutists landing on the Low Green. There will also be a display by Blades aerobatic teams, piloted by four former Red Arrows.
Danny Anderson, of Ayrshire-based Zisys Events, brought together local business and aviation professionals to return the airshow. He said: "The objective is to stage a significant aviation event based in Ayrshire which explores the theme of flight, initially through an airshow and static aircraft display.
"It is designed to bring tourism, business, economic and educational benefits to Ayrshire in particular and Scotland in general."
The former Scottish International Airshow ran from 1967-1992, and included a prototype Concorde in 1972.
Funding for the relaunch has come from South Ayrshire Council, Event Scotland and Prestwick-based Woodward International.
Ayr-based DKM Aviation is also sponsoring the Battle of Britain Memorial Flight, while Texas-based Landmark Aviation has provided additional funding as well as offering facilities.
Event spokesman Doug Maclean said: "A small team of aviation professionals has worked tirelessly to bring this event back to the Ayrshire skies in a new, exciting format. The plan is to grow this event to make it an annual highlight in the next five years."
He added: "Both Lancasters, the Spitfire and Hurricane will be at the airport overnight and depart on the Sunday afternoon."