The present invention is a method and system for pricing and reserving charter aircraft. In a preferred embodiment, itinerary information is received, via computer, from a user and is compared with information contained in maintained databases to identify charter aircraft suitable for accommodating the user. The system then determines a charter price by calculating total charter prices for each of the suitable charter aircraft. Several factors including flight costs, relocation costs, repositioning costs and layover costs are considered in calculating the total charter prices. Finally, the total charter prices are preferably selectively categorized and transmitted, via computer, to the user who is then able to complete the reservation process. In another preferred embodiment, lowest charter prices are transmitted to the user for alternative charter aircraft travel. In another preferred embodiment, users can engage in either a reverse auction or a real-time auction for available charter aircraft travel.