The Falcon was originally owned and built by Darill, Setzer's girlfriend. Darill wished for the Falcon to be the greatest ship ever built, but acknowledged the risk in pushing the ship to its limits and told Setzer the ship was his if anything happened. Laughing at such an idea, Setzer eventually challenged Darill to a race for the ship. Darill won and continued flying to see how high the ship could go while Setzer landed. Darill never returned from the flight, and Setzer found the Falcon's wreck a year later. He rebuilt the ship and buried it in Darill's Tomb, unable to stand the sight of it.
After the apocalypse, Setzer returned to the tomb with Celes, Sabin and Edgar and salvaged the Falcon. With the new airship and ability to fly about the new world, the party slowly rebuilt its ranks and eventually assaulted Kefka's Tower from the air. During the ending the ship is nearly caught in the collapsing rubble of the destroyed tower, but the party successfully escapes and the Falcon presumably continues to be used by Setzer.
Top Deck: The Falcon's top deck is much longer than the deck of the Blackjack. It houses the airship's controls and a hatch leading down.
Lower Deck: A large room with a lounge area below a balcony. The upper part of the area contains a hatch leading to the Engine room, and a door leading to a small, private room where Setzer stands when not in the party. Most of the party members wander about here. Oddly, unlike the Blackjack the Falcon contains no doors on its lower deck to exit the ship with, because it is boarded from a hook.
Engine room: Located below the lower deck, it contains the airship's workings. Cyan and Gau stand here when not in the party.
The music for the Falcon is "Searching for Friends", and first plays when the Falcon emerges from the water. It then becomes the Overworld theme, even when the party is not aboard the ship.