A spokeswoman for the force said the RAF Police Special Investigation Branch is looking into the incident after the footage was obtained by the Daily Mail.
The newspaper said the video showed a naked airman being held down by drunken troops before they allegedly assaulted him.
An RAF spokeswoman said: "We have been made aware of an offensive video involving Royal Air Force personnel.
"The RAF Police Special Investigation Branch is now investigating the incident shown in the video.
"It would be inappropriate to comment further while investigations are ongoing."
The RAF said it does not tolerate bullying or initiation ceremonies,and that anyone not maintaining such standards would be investigated with appropriate disciplinary action taken.