With huge amount of investment and operation cost inputted, aviation industry, as a public transportation industry having the characteristics of cross-border transition, has always been significantly affected by external environmental factors. Basing on characteristics of above, aviation industry, comparing with general industry, has much more complicated financial and cost structure. This study aims to investigate the effect of several critical macroeconomic factors on airline companies’ operating performance. The result would improve companies’ plan in financial management which does great help to sustainable development and benefits mass society and increases sources of finance. The study observes quarterly financial reports of China Airlines and EVA Air from 2003 to 2017 and discuss Brent Crude oil prices(OIL), exchange rates for USD to NTD(USD), Consumer Price Index(CPI), the effects of Composite leading Index(LEAD) & Baltic Dry Index(BDI) & Dummy variables(D) on airline companies’ Return On Assets(ROA), Return On Equity(ROE) and Return on stock price(R). The study indicates that effects of Macroeconomic factors as follows: (1)China Airlines：CPI, BDI & D have strong positive correlation with ROA. OIL & BDI have strong positive correlation with ROE. EVA Air：BDI & D have strong positive correlation with ROA. BDI & D have strong positive correlation with ROE. (2)China Airlines：OIL & USD have strong negative correlation with R. The effects of LEAD & BDI have strong positive correlation with R. EVA Air：OIL & USD have strong negative correlation with R. BDI has strong positive correlation with R.