Most current airbases were built in the 1960s. The main fighter types in those years were Venom, Vampire, and F-86. Bomber squadrons typically operated B-25 Mitchell aircraft. The 70s and 80s saw a considerable increase in capacity, mainly because the rising oil prices enabled the FAV to re-equip most of its units. The mixture of various aircraft types was maintained and Mirage IIIE and V, VF-5A and D, T-2D, OV-10A and E, T-27 were introduced. Venezuela was one of the first export customers for the F-16 which arrived in 1983 to equip the newly formed Grupo Aéreo de Caza 16 at El Libertador Airbase.
In 2006, Venezuelan F-16s, F-5s and Mirages participated in the joint exercise Cruzex III held in Brazil along with the air forces of Argentina, Brazil, Chile, France, Peru and Uruguay.
The Venezuelan military will purchase at least four Mil Mi-28 in the future. They will be operational by 2009.Also reported that the FAV will purchase at least two IL-76.
FAV purchased 24 Sukhoi Su-30 planes from Russia on July 2005, in response to the spare parts embargo of F-16 planes declared by the United States. Twenty of these aircraft are commissioned while 4 others are scheduled to be delivered in 2008.
Currently Venezuela is in talks with Russia to purchase in the future Su-35 fighter aircraft.
The Air Force is organized into four fighter groups, one for each aircraft type in use:
! style="text-align: left; background: #aacccc;"|Aircraft
! style="text-align: left; background: #aacccc;"|Origin
! style="text-align: left; background: #aacccc;"|Type
! style="text-align: left; background: #aacccc;"|Versions
! style="text-align: left; background: #aacccc;"|In service
! style="text-align: left; background: #aacccc;"|Notes
|-
| Su-30MK2|| || multirole strike fighter || || 24 ||All planes delivered
|-
| Lockheed F-16 Fighting Falcon || || fighter || || 21 (10) || only ten remain operational
|-
| CF-5 || || fighter || || 18 ||
|-
| Dassault Mirage 50 || || fighter || || 5 || To be retired
|-
| OV-10 Bronco || || light attack
observation || || 7 ||
|-
| Airbus A319 || || transport || || 1 ||
|-
| Beechcraft Super King Air || || transport|| || 5 ||
|-
| Fairchild Swearingen Metroliner || ||transport || || 2 ||
|-
| Boeing 707 || || transport || || 7 ||
|-
|Boeing 737 || || transport || || 1 ||
|-
|Cessna Citation 500/550 || || transport || || 5 ||
|-
|Dassault Falcon 20 || || VIP || || 2 ||
|-
|Dassault Falcon 50 || || VIP || || 2 ||
|-
|C-130 Hercules || || transport || || 4 ||
|-
|Cessna Citation X || || VIP || || 1 ||
|-
|Cessna 182 || || basic trainer || || 12 ||
|-
|Hongdu JL-8 || || trainer || || 0 || 24 on order
|-
|Embraer EMB 312 Tucano || || trainer || || 32 ||
|-
|Aermacchi SF.260 || || trainer
light attack || || 12 ||
|-
|Eurocopter Super Puma || || transport helicopter || || 8 ||
|-
|Eurocopter Cougar || || transport helicopter || || 4 ||
|-
|Mil Mi-28 || || attack helicopter || || 0 || 4 on order
|}