The aim of this study is to explain the evolution of the business model of Turkish Airlines, which has been operating in the air passenger transportation organizational field in Turkey since 1933. In line with this aim, a pool of senior executives were interviewed through semi-structured interviews drawing on the new institutional theory assumptions. The data obtained from the participants were supplemented with a set of secondary data from many other sources. The MAXQDA program was used to analyze the data obtained. The findings revealed that the business model of Turkish Airlines has evolved over time, and this evolution can be explained by the new institutional theory assumptions.