The length of the airport runways in Guernsey and Alderney, the airline's role in economics and the needs of the community will also be included.
The loss-making airline no longer runs a Guernsey-Jersey service and concerns have grown about flights to Alderney.
Deputy Lyndon Trott, leading the review, said transport was the biggest policy issue facing the States.
Mr Trott said: "The many issues surrounding our air and sea connectivity currently present the Bailiwick with its number one strategic policy challenge."
He described the review as "a genuine opportunity" to set long-term plans for the future of the States-owned airline.
The island's government bought the airline in 2003 in a bid to safeguard slots at London Gatwick.
The public has been asked to contribute to the review and the report including recommendations is due to go before the States in early 2017.
Included in the Terms of Reference
Source: Strategic Review of Aurigny
The future role of Guernsey States-owned airline Aurigny will form part of a review into its services.