This thesis tries to prove a functioning of the Blue Ocean Strategy on the case of Europen low-cost air transport. Through the Blue Ocean Strategy´s Analytical Tools and Frameworks, specifically with the help of the Strategy Canvas, the Four Actions Framework and the Eliminate-Reduce-Raise-Create Grid, it is proven that the strategy introduced by the airline Ryanair in the nineties of the twentieth century corresponds to the Blue Ocean Strategy. Through the same Analytical Tools and Frameworks and a comparison of business models of three low-cost airlines also the time validity of the Blue Ocean Strategy is proven in this case. The functioning of the Blue Ocean Strategy on the case of European low-cost air transport was verified.