A system and methods for airborne launch and recovery of aircraft. In one embodiment the system comprises a flexible tether configured to be towed behind an airborne mother ship. A drag device is secured to a distal end of the flexible tether to generate drag and maintain tension in the flexible tether. A reel associated with the mother ship anchors a proximal portion of the flexible tether and selectively lets out and takes up the flexible tether to adjust a length of the flexible tether. A capture mechanism associated with the aircraft engages the flexible tether to secure the aircraft to the flexible tether. In certain embodiments of the present methods, a flexible tether is deployed from an airborne mother ship. An aircraft translates forward and rearward along the flexible tether. Alternatively, the aircraft translates forward and rearward as the flexible tether taken up and let out from the mother ship. Prior to launch, the weight of the aircraft is transferred from the flexible tether to the wings. During recovery, the weight of the aircraft is transferred from the wings to the flexible tether.