Hot air balloons are able to fly to extremely high altitudes. On November 26, 2005, Vijaypat Singhania set the world altitude record for highest hot air balloon flight, reaching 21,290 metres (69,849 feet). He took off from downtown Bombay, India and landed 240 kilometres (149 miles) south in Panchale.The previous record of 19,811 m (64,997 ft) had been set by Per Lindstrand on June 6, 1988 in Plano, Texas. As with all registered aircraft, oxygen is needed for all crew and passengers for any flight that reaches and exceeds an altitude of 12,500 ft (3,810 m).

On January 15, 1991, the Virgin Pacific Flyer balloon completed the longest flight in a hot air balloon when Per Lindstrand (born in Sweden, but resident in the UK) and Richard Branson of the UK flew 7,671.91 km (4,767.10 mi) from Japan to Northern Canada.

With a volume of 74 thousand cubic metres (2.6 million cubic feet), the balloon envelope was the largest ever built for a hot air craft. Designed to fly in the trans-oceanic jet streams the Pacific Flyer recorded the highest ground speed for a manned balloon at 245 mph (394 km/h).

The longest duration hot air balloon flight ever made is 50 hours and 38 minutes made by Michio Kanda and Hirosuke Tekezawa of Japan on January 2, 1997.

The current world record holder for fastest circumnavigation of the globe with a hot air balloon is held by Steve Fossett, of the USA, in his balloon, The Spirit of Freedom. Steve has the added distinction of having performed this feat while flying solo. The trip took 13 days, 8 hours, and 33 minutes.

Guiness Book of World Records: Most to Parachute From a Balloon Simultaneously

A total of 20 members from the Paraclub Flevo of Lelystad, The Netherlands, jumped from a ballon simultaneously at 2,000 m (6,500 ft) over Markelo, The Netherlands, on May 10, 2003.