PIA (Pakistan International Airlines) a national carrier and once called as a national pride of Pakistan now it has been indulged in atrocious condition due to ample of contributing factors as it includes; smuggling, poor service quality, grass-root level mismanagement, fake pilot licenses, governance issues, lack of timely strategic structural reforms, internal organisation’ conflicts and political interferences which cause a consistent financial loses in PIA. In the current scenario, privatisation could be a viable option due to the deteriorating economic and governance structure of PIA. However, despite government efforts, several loopholes still exist in the privatisation process, which should be reconsidered by the government. This article will explore privatisation, the hybrid model (PPP), and structural reforms to identify which model would be suitable for restructuring the PIA in the best possible way. This study will be conducted using a qualitative method, using secondary sources, which include journals, news articles, and PIA annual reports.