The purpose of this study is to analyze the technical and cost efficiency of Air Transport Industry on Global strategic alliances. In particular, this study develops Stochastic Frontier Approach for accurate judgement. Based on 20 major international airline corporations related with strategic alliances during the period 1995-2001, we find that alliances make a significant contribution to efficiency. On the other hand, it is found that the level of contribution to efficiency is different according to alliances. These results also changed greatly between pre- and post- Asian financial crisis period.