With the growth of economic development, the environmental impacts an industry might bring about obtains increasing attention. Air transport, as a highly energy-consuming transport mode, is often discussed in the context of sustainable development. This study measures the economic benefits and environmental costs of Taipei Songshan Airport for the time period of 2006-2011. The economic benefits include the income generation from both direct and indirect employment, and the employment multiplier is estimated by the Garin-Lowry model. The sources of environmental impacts mainly include aircraft noise nuisance and engine emissions which are measured by the hedonic price technique and the dose-response method, respectively. The results show that the economic benefits of airport operation were much higher than the environmental costs, with the highest difference in 2006. Indeed, the sensitivity analysis of noise and emissions social cost parameters also shows that the highest possible environmental costs were lower than economic benefits in all study years, except for 2008.