Ryanair released the 2012 calendar in November, promising to donate all proceeds from the £10 calendars to the "butterfly children" of the Debra charity, which helps people suffering from the skin condition epidermolysis bullosa (EB).
The calendar has drawn 8,610 complaints from members of the public with started by "cabin crew against sexism", accusing the airline of being sexist and calling it to drop the calendar.
The Advertising Standards Authority said it was launching a formal investigation after it received 10 complaints about a press ad being sexist and objectifying women.
Last year, the calendar, which saw the crew in their bikinis, raised money for German homeless charity Tafeln.
The calendar, which Ryanair first started selling in 2008, is available from ryanair.com, on board Ryanair flights and from Debra's Irish and Spanish charity shops.
A spokesperson for Ryanair said: "This proves only that there are 7,000 prudes, but thankfully there are 10,000 charitable people that have bought the calendar each year, raising €500,000 for charity."
The calendar, which Ryanair first started selling in 2008, is available from ryanair.com, on board Ryanair flights and from Debra's Irish and Spanish charity shops.
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