A new future beckons for a Wanaka museum brimming with irreplaceable New Zealand history.

Planning starts later this month to propel the New Zealand Fighter Pilots Museum into an exciting new era, led by a dedicated group committed to its future sustainability.

Established in 1993, the Wanaka Airport-based museum is home to a vast array of memorabilia, medals, weapons and, or course, aircraft - the extensive collection honouring the feats of pilots and crews who fought in World War I and World War II.

However, limited funding opportunities in a challenging economic climate have forced the Board of Trustees governing the museum to investigate alternative options to ensure its future remains secure.

Chairman Don Spary said there were a number of contributing factors, including no key benefactor being identified and increased pressure on local funding organisations.

"On top of this the present downturn in tourism has meant a significant drop in visitor numbers and, subsequently, the annual operational cash flow," he said.

"Many regionally or nationally significant museums benefit annually via ratepayer or taxpayer levies but that's not the case for the New Zealand Fighter Pilots Museum."

The trustees will join forces with the Warbirds Over Wanaka Community Trust, the Queenstown Lakes District Council and the RNZAF Museum to undertake a robust strategic planning process to determine the next chapter in the museum's own history.

"The New Zealand Fighter Pilots Museum remains a visitor attraction open for business and we would encourage everyone to take the opportunity to acquaint themselves with the rich human history of our fighter pilots and aircrew presented in the museum," Mr Spary said.

Warbirds Over Wanaka Community Trust Chairman Murray Cleverley said he was confident aligning the internationally acclaimed airshow with the museum would prove mutually beneficial.

"We're conscious of the fact that the synergies between the two organisations, both the event and the museum, are really close - one promotes the other," he said.

"There are a lot of opportunities for Warbirds Over Wanaka going forward to be strongly associated with the museum and it would enable us to have a dedicated presence for the 23 months between airshows."

Establishing an "attractive but sustainable" business plan for the museum would be the first priority.

"There is work to do it's just a matter of making sure we take our time, do the research and investigate all the opportunities."

The QLDC had previously identified Warbirds Over Wanaka as an iconic event for the region.

"As such they have a real interest in seeing Warbirds Over Wanaka not only retained but developed for the future and it's great to have them involved in this project," Mr Cleverley said.

The museum, which attracts thousands of visitors each year, features the histories of both the Royal New Zealand Air Force and the New Zealand squadrons of the Royal Air Force, as well as information on the life of a fighter pilot and the roles they undertook.

Personal stories and displays are complimented by state-of-the-art audio visual presentations, while biographies and photographs of New Zealand's 95 fighter aces (12 in WWI and 83 in WWII) are displayed alongside aircraft from those eras.

"There's no doubt this is a valuable asset worth protecting for future generations," Mr Cleverley said.