Holiday air travel behaviors are nowadays a significant issue in relation to climate change and sustainable tourism. Indeed, transportation, and especially air transportation, have a significant role in climate change. Hence, it is important that the tourism industry includes the transportation sector when developing solutions for sustainable tourism. As students are the future main target group of this industry, it is important to understand the reasons behind their choices. Until now, travel behaviors have been explained using single and specific theories, which did not include many factors explaining holiday air travel decisions. In this study, this concern is addressed by combining two theories in relation to behavior formation - the theory of planned behavior and the value-belief-norm theory - in order to understand all motivations and barriers behind students’ holiday air travel behaviors. The analysis of the findings shows that many internal and external factors affect students decisions in regards to flying during holidays, including values, beliefs, social and personal norms, as well as accessibility, country of origin, price, time, distance, and social influence. However, the analysis of the results also demonstrates two gaps between attitudes and behaviors within the student community, which link to the cognitive dissonance theory: an awareness-attitude behavior gap and a contextual gap. The paper argues that while the theory of planned behavior and the value-belief-norm theory can be used simultaneously in order to analyze decisions regarding holiday air transportation, they are not sufficient as these two gaps emerged. The study concludes suggesting destination developers and national governments to take into account the present factors behind students’ decisions in order to develop sustainable destinations.