There has been a favourable trend toward implementing Public-Private Partnership (PPP) arrangements in infrastructure provision and development in recent years. The Government (public sector) has many limitations in infrastructure projects, particularly concerning the limited availability of funds. Therefore, the involvement of the private sector is required to overcome these limitations through the introduction of PPPs. In its current state, the utilization of PPPs worldwide is mainly applied to the road infrastructure sector, especially to toll road projects with high revenue potential and well-established risk allocation. On the other hand, applying PPP schemes in airport projects has been initiated in several countries, but in a relatively small number of cases. Research and academic publications on PPP arrangements in airport projects worldwide are still very scarce, especially those discussing risk allocation strategies among stakeholders. This paper’s methodology uses a structured literature review to summarise the current state of PPP application in the aviation industry worldwide. The literature study shows that several countries have different risks in PPP-based airport management. The diversity of risk variables leads to differences in the details of private sector involvement in PPP arrangements, resulting in variations in risk allocation strategies in each country. Finding the link between the current research will enable the adaptation of PPP implementation in airport projects and provide a further theoretical framework of airport-related PPP arrangements for further study, particularly in the Indonesian context.