The original members were Yuki Kaizuka (Mustang Leader), Inko Amifumi (Mustang-11), Inaho Kaizuka (Mustang-22) and two unnamed pilots designated as Mustang-33 and Mustang-44. All piloted a KG-7 Areion with the exception of Inaho, who used a KG-6 Sleipnir.
The platoon was formed when Countess Femieanne attacks the UES Wadatsumi at Tanegashima. They fight against her along with Friesian Platoon, whom are also deployed to defend the ship. Friesian Platoon is wiped out leaving Mustang Platoon to fight the Hellas alone before Slaine Troyard arrives in a Sky Carrier. With Slaine's help, they defeat the Hellas. (AZ: "Steel Step Suite", "The Boys of Earth")
In December, 2015, the platoon is once again deployed during the assault on United Forces of Earth Headquarters, in that battle, Mustang-33 and Mustang-44 were killed. To air-drop from the Decualion to pave the way for Princess Asseylum Vers Allusia to arrive and shut down the Aldnoah Drive of Castle Saazbaum. (AZ: "Childhood's End")
- The platoon is named after a horse-breed called, Mustang, which coincides with the mythological horse names for the United Earth Kataphrakts.