Aerial launch and/or recovery for unmanned aircraft, and associated systems and methods are described. A representative system includes a first, carrier aircraft having an airframe, a propulsion system carried by the airframe and positioned to support the carrier aircraft in hover, and a capture line carried by the carrier aircraft and deployable to hang from the carrier aircraft. The capture line is sized to releasably engage with a capture device of a second, carried aircraft. The system further includes a retrieval device positioned to support the carried aircraft for detachment from the capture line.