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The roles will be across the areas of engineering and support, and will be based in Dublin.
The expansion, which aims to double the company's turnover by 2023, is supported by Enterprise Ireland.
Dublin Aerospace Executive Chairman Conor McCarthy said: "Since our start-up in 2009 with just 18 staff, our annual turnover has risen from €7m to €46m last year and we have been profitable since our second year in operation.
"Last year saw further increases in turnover for all three business units; Aircraft Overhaul, Landing Gear and Auxiliary Power Unit (APU) Services. This solid underlying business performance has given us the confidence to create another 150 full-time, permanent engineering and support roles in our Dublin operation."
Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald attended today's announcement.
The aviation sector contributes more than €4 billion to the economy annually.
This quarter Dublin Aerospace has hired the first 48 of 150 additional team members with a variety of skill sets including aircraft engineers, avionics technicians, structures & composite technicians, painters and aircraft operatives.
17 of these positions were taken up by graduates of the Dublin Aerospace apprenticeship & trainee programmes.
The company offers five types of such programmes in conjunction with SOLAS, the Irish National Training Agency, with over 100 young people currently in training.
Dublin Aerospace was established in 2009 with the assistance of an Enterprise Ireland investment.