The safety video was shot over six days across a number of New Zealand's Middle-earth locations, including Hobbiton and Central Otago.
Sir Peter said the video, which will be played in airplanes from today, showcases New Zealand and celebrates its film industry.
"I had a lot of fun on the set with Taika and the team and look forward to seeing the video on board," he said.
Weta Workshop supplied costumes and more than 150 make-up prosthetics and Weta Digital created the visual effects.
Air New Zealand head of global brand development Jodi Williams said the airline was proud to be "the official airline of Middle-earth".
"We're confident our final Hobbit-inspired onboard safety video will delight fans as much as the first one and inspire even more people to consider a visit to Middle-earth," she said.
The national carrier had used the films to drive a distinct marketing campaign that featured branded aircraft and Hobbit-inspired content.
The Most Epic Safety Video Ever Made follows the airline's first safety video to be inspired by the Hobbit films An Unexpected Briefing in 2012. Air New Zealand's safety video show reel includes the Bear Essentials of Safety featuring adventurer Bear Grylls, Safety Old School Style with Betty White and Fit to Fly starring fitness legend Richard Simmons.
Other videos have featured Sports Illustrated bikini models and body-painted flight crews. Those videos have prompted complaints from some viewers upset by the use of barely clothed people.
