Conceptual design process is defined for the air-launching rocket by including analysis modules like mission analysis, staging, propulsion analysis, configuration, weight analysis, aerodynamics analysis and trajectory analysis. As a result of the conceptual design, the supersonic(M=1.5) air-launching rocket with hybrid engine for first stage propulsion system is designed. For the best system alternative selection, trade study for the 1st stage engine type and launching speeds using sequential optimization and confirming feasibility of baseline air-launching rocket has been performed. As a result of trade study, all alternatives are competitive in total weight and show only small difference in total weight per unit payload weight. Therefore, it is confirmed that the baseline air-launching rocket which has advantage in system safety especially in supersonic launching is feasible.