A Russian Su-24 warplane was shot down by Turkish F-16 jets at 7:24 am GMT.
The plane crashed in Syrian territory, 4km from the Turkish border.
Turkey claimed that the plane violated Turkish airspace, while Russia denied all such reports.
The two-man crew successfully ejected from the plane before it hit the ground, but the fate of the crew is unknown as of now.
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Turkey downs Russian warplane
First such in incident in 50 years
NATO member Turkey's act of shooting down a Russian Su-24 warplane became the first such incident in over 50 years. The last time a NATO member downed a Russian or Soviet aircraft was back in the 1950s.
Putin warns of 'significant consequences'
Russian President Vladimir Putin stated that the Su-24 had been shot down over Syrian territory, 1 km from the Turkish border, by an air-to-air missile from a Turkish F-16 jet.
Putin warned that the "event will have significant consequences".
Meanwhile, Russian Foreign Minister Sergei Lavrov cancelled his Turkey visit, and Turkey's defense attache in Moscow was summoned by the Russian Defense Ministry.
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Turkey says Russian plane was warned several times
The Turkish military said that two Turkish F-16 jets opened fire on an unidentified aircraft at 7:24 am GMT after warning it 10 times over 5 minutes about violating Turkish airspace over the town of Yayladagi, in the Hatay province.
It said that the intervention was "in accordance with the rules of engagement".
Turkey also published radar images showing the aircraft over Turkish airspace.
NATO to hold 'extraordinary meeting'
NATO confirmed that it will hold an "extraordinary meeting" at member nation Turkey's request.
"The aim of this extraordinary NAC (North Atlantic Council) meeting is for Turkey to inform allies about the downing of a Russian airplane," the official NATO statement read.
NATO also pointed out that Article 4 would not be invoked, and that the scheduled meeting is "purely one for information."
Article 4 of the Washington Treaty
Article 4 of the North Atlantic Treaty or the Washington Treaty is invoked when NATO members meet to discuss a threat to "the territorial integrity, political independence or security" of member nations.
27 Nov 2015
Erdogan warns Russia not to 'play with fire'
Turkish President Tayyip Erdogan warned Russia that it was "playing with fire to attack the Syrian opposition, who have international legitimacy, under the pretext of fighting ISIS".
He accused Moscow of seeking to use the downing of the jet "as an excuse to make unacceptable accusations against us".
Erdogan also said he hoped to meet Putin face-to-face during the upcoming climate summit in Paris.
28 Nov 2015
Russia strengthens defenses in Syria amid Turkish row
Russia strengthened its anti-aircraft defenses in Syria by moving a cruiser towards the coast and deploying new missiles at its main base.
The Moskva cruiser's long-range air defence system will provide cover for Russian aircraft, as will the S-400 missiles.
This followed Russia's announcement that it was drafting a list of economic sanctions against Turkey that would hit food imports and joint investment projects.
29 Nov 2015
Putin puts sanctions on Turkey
President Vladimir Putin signed a decree imposing a string of punitory economic sanctions (effective immediately) against Turkey highlighting anger towards the country for downing their warplane.
The decree banned charter flights from Russia to Turkey. No tour firms can sell any holidays to Turkey.
Unspecified Turkish imports will be outlawed. Moreover, all Turkish firms and individuals will have their economic activities blocked or curbed.
22 Dec 2015
Russia says black-box of downed warplane unreadable
Investigators in Moscow declared that they couldn't retrieve information from the damaged black box of the Russian warplane downed by Turkey in November.
Russia's Defence Ministry had publicly opened the recorder, however, the damage was so severe because of the force with which the plane had hit the ground that "13 of the flight recorder's 16 microchips had been destroyed" and rest rendered unreadable.
31 Jan 2016
Turkey: Fresh airspace violations by Russia
Turkish President Recep Tayyip Erdogan has accused Russia of violating Turkish airspace again and warned Moscow that it would "face consequences".
In a statement, the Turkish foreign ministry said a Russian SU-34 jet crossed into Turkish airspace over the border with Syria, ignoring several warnings made in Russian and English.
Officials in Moscow have dismissed the claims as "baseless propaganda".
28 Jun 2016
Turkey apologises to rushing for downing warplane in 2015
Russian Kremlin announced that Recep Tayyip Erdogan, president of Turkey had apologised to Vladimir Putin over Ankara's downing of a Russian warplane in 2015.
Erdogan claimed that he wished to do "everything possible for the restoration of the traditionally friendly relations between Turkey and Russia."
Erdogan also said that Ankara "never had the desire and the intention" to down the Russian jet.