<p>This study aims to analyze the significance of the effect of oil price change on airlines stock return during 2001 to 2015 in the regions that have listed airlines company such as Asia-Pacific, North America and Europe. Airlines industry is one of the most dependent sectors for oil usage, in terms of operational activities. Hence, oil price provides a big impact for expenses that airlines must pay. With GARCH (1,1) model, the researcher finds that oil price change affects airline stock return, mostly in Asia-Pacific and Europe. Moreover, in addition to oil price change, another factor, which is oil price volatility also increases the risk for the airlines stock in all particular observed regions. This risk will affect price and return of airline stocks in the market.<strong></strong></p>