Velocity will be edited by the launch editor of OK! Magazine, Ann Wallace and is in the style of a journal.
CityJet flies from London City Airport to European business hotspots such as Hamburg and Milan.
Velocity's editor said: "If you line up all the airline magazines you see a similarity. We wanted to produce something different and that's how we came up with the idea of a journal.
"The cover alone stands out – it's not a generic picture of a sunny beach or a celeb."
Velocity was previously part of Ink Publishing's airline portfolio. Ink claims to be the largest publisher of in-flight magazines in the world with customers such as Easyjet, Ryanair, KLM and bmi.
Ink's publishing director Simon Leslie said: "Velocity was originally the in-flight magazine for VLM airlines. When VLM was taken over by CityJet last summer there were some issues going on in the transition and we decided not to renew the contract."
A source at Stream Publishing revealed that as CityJet and Ink Publishing had run the course of their agreed contract, CityJet subsequently felt it wanted a fresh look and sought a new publisher rather than renewing the contract last summer.
In the interim period CityJet has used the in-flight magazine for Air France, which owns CityJet, rather than Velocity.
Darren Styles, managing director of Stream Publishing, said: "CityJet saw the Flybe Uncovered magazine which we produce for Flybe and they liked the look of that so they added us to their pitching list. They took their time to find what they wanted as it is quite a niche area."
The matte-finished magazine offers high-end editorial including art, culture, fashion, film and travel content.
Styles said: "Our pitch to CityJet was a bold one – it was left of centre. I'm delighted we sparked our new client's imagination and I hope we reap the dividends.
"We wanted to create something which reflected the audience who are cash rich but time poor. The CityJet customer is a very specific type – 70% male, travelling for business in and out of the City of London, 60% aged 36-55."
Advertisers for the first month's issue include Chanel, Dell, Nissan and brands such as TUMI, Momentum Travel and also University of Exeter Business School.
The distribution of the first issue out now is 200,000 and it will go to 100,000 in September when the magazine will start being published monthly.
The magazine will also be circulated in different venues other than just in the aircrafts. These include London's top 50 hotels, a selection of private member clubs across London, health clubs in blue-chip corporations in the city and limousine services for Chelsea football club and the Houses of Parliament.
Catherine Stuyck, corporate communication manager at CityJet, said: "Stream Publishing has a strong track record with some impressive blue-chip brand credentials and its interpretation of our brief was creative and engaging."
Each issue will have a different theme such as fashion and the editorial will be introduced by a figurehead from that industry.